Adobe Inc. (NASDAQ:ADBE) Shares Sold by Archer Investment Corp

Archer Investment Corp trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,170 shares of the software company’s stock after selling 56 shares during the period. Archer Investment Corp’s holdings in Adobe were worth $698,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ADBE. Iron Horse Wealth Management LLC acquired a new position in Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates raised its stake in 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 purchasing an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new position in Adobe in the 4th quarter valued at $29,000. Finally, Fortis Capital Advisors LLC acquired a new position in Adobe in the 4th quarter valued at $35,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADBE shares. Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Piper Sandler restated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Barclays dropped their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, KeyCorp assumed coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Down 0.1 %

ADBE stock traded down $0.30 during mid-day trading on Wednesday, reaching $475.92. The company had a trading volume of 1,325,774 shares, compared to its average volume of 3,581,583. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $213.21 billion, a price-to-earnings ratio of 45.35, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28. The firm has a fifty day simple moving average of $536.02 and a 200 day simple moving average of $567.62. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

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

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

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.