Obermeyer Wood Investment Counsel Lllp Has $25.72 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Obermeyer Wood Investment Counsel Lllp trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 43.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,107 shares of the software company’s stock after selling 32,848 shares during the period. Adobe comprises approximately 1.8% of Obermeyer Wood Investment Counsel Lllp’s investment portfolio, making the stock its 23rd biggest position. Obermeyer Wood Investment Counsel Lllp’s holdings in Adobe were worth $25,718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Iron Horse Wealth Management LLC acquired a new stake in Adobe in the third quarter valued at $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the third quarter valued at $25,000. Global Wealth Strategies & Associates boosted its position in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the last quarter. Financial Freedom LLC bought a new stake in Adobe during the fourth quarter valued at $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in Adobe during the fourth quarter valued at $35,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were 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 owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The shares were 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,075 shares of company stock valued at $1,848,418. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE traded down $1.27 on Thursday, hitting $473.18. The company’s stock had a trading volume of 2,388,980 shares, compared to its average volume of 3,575,996. The company’s 50 day simple moving average is $533.19 and its 200-day simple moving average is $566.97. The firm has a market cap of $211.98 billion, a P/E ratio of 45.24, 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. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The company 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%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $2.97 EPS. Analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on ADBE shares. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. TD Cowen lowered their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Barclays lowered their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, Bank of America decreased their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. 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, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.