Paradigm Financial Partners LLC Sells 29 Shares of Adobe Inc. (NASDAQ:ADBE)

Paradigm Financial Partners LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,519 shares of the software company’s stock after selling 29 shares during the quarter. Adobe accounts for 2.0% of Paradigm Financial Partners LLC’s portfolio, making the stock its 8th largest holding. Paradigm Financial Partners LLC’s holdings in Adobe were worth $8,065,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Stonebrook Private Inc. bought a new position in Adobe during the fourth quarter valued at about $563,000. Principle Wealth Partners LLC increased its position in shares of Adobe by 0.7% during the fourth quarter. Principle Wealth Partners LLC now owns 3,650 shares of the software company’s stock valued at $2,178,000 after purchasing an additional 27 shares during the period. Ownership Capital B.V. acquired a new position in shares of Adobe in the fourth quarter valued at $157,319,000. Transcend Capital Advisors LLC lifted its position in Adobe by 6.0% in the fourth quarter. Transcend Capital Advisors LLC now owns 2,871 shares of the software company’s stock worth $1,713,000 after purchasing an additional 162 shares during the period. Finally, Unique Wealth Strategies LLC acquired a new stake in Adobe during the fourth quarter worth $1,216,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE traded up $4.12 during mid-day 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. The firm has a 50 day simple moving average of $515.34 and a two-hundred day simple moving average of $564.55. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. 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 company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Adobe declared that its Board of Directors has approved a share 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 purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s 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 completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADBE. Barclays dropped their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Bank of America decreased their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. JPMorgan Chase & Co. dropped their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Piper Sandler Companies cut their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, HSBC lowered their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research 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 given a buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Company 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.