Game Plan Financial Advisors LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Game Plan Financial Advisors LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 74.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 160 shares of the software company’s stock after selling 475 shares during the period. Game Plan Financial Advisors LLC’s holdings in Adobe were worth $81,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the 4th quarter valued at approximately $35,000. Steph & Co. increased its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Hanseatic Management Services Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $45,000. Vima LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $55,000. Finally, Pineridge Advisors LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $60,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. Robert W. Baird lifted their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Melius Research restated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Mizuho restated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, 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. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,270 shares of company stock valued at $1,563,166. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Down 1.1 %

NASDAQ ADBE traded down $5.77 during trading on Monday, hitting $527.67. The stock had a trading volume of 898,283 shares, compared to its average volume of 3,558,580. The company has a market capitalization of $236.40 billion, a PE ratio of 47.89, a PEG ratio of 2.73 and a beta of 1.27. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $478.58 and a 200 day moving average price of $537.22. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.04 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership 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.