Intellectus Partners LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Intellectus Partners LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% in the 4th quarter, Holdings Channel reports. The fund owned 5,894 shares of the software company’s stock after selling 191 shares during the quarter. Adobe accounts for approximately 1.0% of Intellectus Partners LLC’s portfolio, making the stock its 23rd biggest position. Intellectus Partners LLC’s holdings in Adobe were worth $3,516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. HBC Financial Services PLLC acquired a new position in Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates increased its position in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the 4th quarter worth approximately $35,000. BluePath Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth approximately $39,000. Finally, Hanseatic Management Services Inc. acquired a new position in Adobe during the 3rd quarter worth approximately $45,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 0.9 %

Adobe stock traded up $4.12 during midday trading on Friday, reaching $477.56. The stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock has a market capitalization 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 company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s 50-day simple moving average is $515.34 and its 200 day simple moving average is $564.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate 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 period last year, the company posted $2.97 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ADBE shares. HSBC lowered their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Mizuho restated a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock valued at $137,656 over the last three months. 0.15% of the stock is owned by company insiders.

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.