Forte Capital LLC ADV Sells 594 Shares of Adobe Inc. (NASDAQ:ADBE)

Forte Capital LLC ADV lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,416 shares of the software company’s stock after selling 594 shares during the quarter. Adobe comprises approximately 2.6% of Forte Capital LLC ADV’s investment portfolio, making the stock its 6th biggest holding. Forte Capital LLC ADV’s holdings in Adobe were worth $19,339,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. One Charles Private Wealth Services LLC grew its position in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC increased its position in shares of Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. lifted its holdings in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares during the period. Lantz Financial LLC boosted its position in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management grew its stake in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe 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 transaction, 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. TD Cowen decreased their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Finally, Robert W. Baird decreased their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Up 2.0 %

Adobe stock traded up $9.61 on Friday, hitting $486.18. 2,833,186 shares of the stock traded hands, compared to its average volume of 2,940,603. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market cap of $217.81 billion, a P/E ratio of 46.48, a price-to-earnings-growth ratio of 2.63 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. The business’s fifty day simple moving average is $508.34 and its 200 day simple moving average is $561.74.

Adobe (NASDAQ:ADBE) last issued 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. The company had revenue of $5.18 billion during 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%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $2.97 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

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