FourThought Financial Partners LLC Sells 707 Shares of Adobe Inc. (NASDAQ:ADBE)

FourThought Financial Partners LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,130 shares of the software company’s stock after selling 707 shares during the period. FourThought Financial Partners LLC’s holdings in Adobe were worth $5,447,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Morgan Stanley lifted its position in Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares during the last quarter. Northern Trust Corp lifted its position in Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares during the last quarter. Jennison Associates LLC raised its position in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares during the period. Finally, Invesco Ltd. grew its position in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ADBE. Wells Fargo & Company decreased their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 2.0 %

Shares of NASDAQ:ADBE traded up $9.61 during midday trading on Friday, hitting $486.18. 2,833,186 shares of the company’s stock were exchanged, compared to its average volume of 2,940,603. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50 day moving average price of $508.34 and a 200-day moving average price of $561.74. The company has a market cap of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

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

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

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Profile

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.