G&S Capital LLC Sells 3,535 Shares of Adobe Inc. (NASDAQ:ADBE)

G&S Capital LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 78.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 984 shares of the software company’s stock after selling 3,535 shares during the quarter. G&S Capital LLC’s holdings in Adobe were worth $497,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ADBE. Operose Advisors LLC boosted its position in Adobe by 46.7% in the third quarter. Operose Advisors LLC now owns 405 shares of the software company’s stock valued at $207,000 after buying an additional 129 shares in the last quarter. Mather Group LLC. boosted its position in Adobe by 15.0% in the third quarter. Mather Group LLC. now owns 6,972 shares of the software company’s stock valued at $3,555,000 after buying an additional 912 shares in the last quarter. Valley National Advisers Inc. boosted its position in Adobe by 46.3% in the third quarter. Valley National Advisers Inc. now owns 461 shares of the software company’s stock valued at $235,000 after buying an additional 146 shares in the last quarter. Trexquant Investment LP boosted its position in Adobe by 496.9% in the third quarter. Trexquant Investment LP now owns 55,837 shares of the software company’s stock valued at $28,471,000 after buying an additional 46,482 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Adobe by 0.4% in the third quarter. Treasurer of the State of North Carolina now owns 211,816 shares of the software company’s stock valued at $108,005,000 after buying an additional 742 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 0.3 %

Shares of NASDAQ ADBE opened at $528.66 on Thursday. The stock has a market capitalization of $236.84 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.75 and a beta of 1.27. The company has a 50-day moving average price of $480.67 and a 200-day moving average price of $536.04. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $3.04 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. HSBC cut their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Friday, June 14th. Finally, Melius Research reiterated a “hold” rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, 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. Insiders sold 3,270 shares of company stock worth $1,563,166 over the last three months. 0.15% of the stock is currently owned by 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.