Adobe Inc. (NASDAQ:ADBE) Holdings Cut by Mogy Joel R Investment Counsel Inc.

Mogy Joel R Investment Counsel Inc. decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,056 shares of the software company’s stock after selling 310 shares during the quarter. Adobe makes up about 2.6% of Mogy Joel R Investment Counsel Inc.’s holdings, making the stock its 15th biggest position. Mogy Joel R Investment Counsel Inc.’s holdings in Adobe were worth $34,040,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates grew its stake in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the fourth quarter worth about $35,000. BluePath Capital Management LLC bought a new stake in Adobe during the third quarter worth about $39,000. Finally, Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.9 %

Shares of ADBE stock traded up $4.12 during trading hours on Friday, hitting $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. The business has a 50 day moving average of $515.34 and a two-hundred day moving average of $564.33. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a market capitalization of $213.95 billion, a PE ratio of 45.66, a PEG ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.97 earnings per share. Analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. UBS Group reduced their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.