LVW Advisors LLC Sells 108 Shares of Adobe Inc. (NASDAQ:ADBE)

LVW Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 10.7% in the first quarter, HoldingsChannel.com reports. The fund owned 898 shares of the software company’s stock after selling 108 shares during the period. LVW Advisors LLC’s holdings in Adobe were worth $453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the 4th quarter worth about $35,000. Steph & Co. increased its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Vima LLC acquired a new position in shares of Adobe during the 4th quarter worth about $55,000. Pineridge Advisors LLC acquired a new position in shares of Adobe during the 4th quarter worth about $60,000. Finally, Scarborough Advisors LLC acquired a new position in shares of Adobe during the 4th quarter worth about $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Wells Fargo & Company lifted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus reduced their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value 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 approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 0.8 %

Shares of NASDAQ ADBE opened at $560.01 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a 50 day moving average price of $485.04 and a two-hundred day moving average price of $534.27. The stock has a market cap of $248.31 billion, a P/E ratio of 50.32, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

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

Adobe declared that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.