Fi3 FINANCIAL ADVISORS LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Fi3 FINANCIAL ADVISORS LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 20.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 424 shares of the software company’s stock after selling 111 shares during the period. Fi3 FINANCIAL ADVISORS LLC’s holdings in Adobe were worth $253,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. HBC Financial Services PLLC acquired a new stake in shares of Adobe during the third quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter worth about $35,000. BluePath Capital Management LLC purchased a new position in Adobe during the third quarter worth about $39,000. Hanseatic Management Services Inc. acquired a new stake in Adobe in the third quarter valued at about $45,000. Finally, First Command Advisory Services Inc. purchased a new stake in Adobe in the 3rd quarter valued at approximately $52,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. HSBC lowered their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Barclays decreased their price objective 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. TD Cowen reduced their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report 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 presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

ADBE stock traded up $9.61 during trading on Friday, reaching $486.18. 2,833,186 shares of the company’s stock were exchanged, compared to its average volume of 2,940,603. The firm has a market cap of $217.81 billion, a PE ratio of 46.48, a P/E/G ratio of 2.58 and a beta of 1.28. 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 Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company’s fifty day moving average price is $508.34 and its 200-day moving average price is $561.74.

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

Adobe declared that its Board of Directors has authorized a share repurchase plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. 0.15% of the stock is currently owned by company 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.