Adobe Inc. (NASDAQ:ADBE) Shares Sold by Dover Advisors LLC

Dover Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 21.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,375 shares of the software company’s stock after selling 370 shares during the period. Dover Advisors LLC’s holdings in Adobe were worth $820,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates raised its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $39,000. Finally, Hanseatic Management Services Inc. purchased a new stake in shares of Adobe in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. The firm has a market cap of $213.95 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The firm’s 50-day simple moving average is $515.34 and its two-hundred day simple moving average is $564.66. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 return on equity of 39.12% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 EPS. Equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on ADBE. Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Transactions at Adobe

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

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.