Alpha Omega Wealth Management LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Alpha Omega Wealth Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,103 shares of the software company’s stock after selling 37 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Adobe were worth $1,566,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Barlow Wealth Partners Inc. acquired a new position in Adobe in the fourth quarter worth about $16,700,000. Federated Hermes Inc. grew its stake in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC grew its stake in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Vise Technologies Inc. grew its stake in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Finally, Steph & Co. grew its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE opened at $555.54 on Friday. The stock has a fifty day moving average of $485.04 and a 200-day moving average of $534.90. The firm has a market capitalization of $246.33 billion, a P/E ratio of 49.91, a PEG ratio of 2.90 and a beta of 1.27. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results 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 company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.04 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Barclays lifted their price target on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research note on Friday, June 14th. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is 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.