Valley National Advisers Inc. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Valley National Advisers Inc. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 561 shares of the software company’s stock after selling 34 shares during the period. Valley National Advisers Inc.’s holdings in Adobe were worth $283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Barlow Wealth Partners Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $16,700,000. Federated Hermes Inc. increased its stake in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its holdings in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the last quarter. Vise Technologies Inc. raised its holdings in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after acquiring an additional 5,654 shares during the last quarter. Finally, Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Piper Sandler Companies decreased their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Finally, Wells Fargo & Company increased their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two equities 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.4 %

NASDAQ ADBE opened at $570.15 on Thursday. The firm has a 50-day moving average price of $488.79 and a 200 day moving average price of $533.97. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $252.80 billion, a P/E ratio of 51.23, a P/E/G ratio of 2.96 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates 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 in the previous year, the firm earned $3.04 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Adobe Company 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.