West Paces Advisors Inc. Sells 47 Shares of Adobe Inc. (NASDAQ:ADBE)

West Paces Advisors Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 10.1% during the first quarter, Holdings Channel reports. The firm owned 420 shares of the software company’s stock after selling 47 shares during the period. West Paces Advisors Inc.’s holdings in Adobe were worth $212,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Barlow Wealth Partners Inc. acquired a new stake in shares of Adobe during the fourth quarter valued at about $16,700,000. Federated Hermes Inc. boosted its stake in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC lifted its stake in shares of 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 acquiring an additional 184 shares during the period. Vise Technologies Inc. lifted its stake in shares of 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 acquiring an additional 5,654 shares during the period. Finally, Naviter Wealth LLC lifted its stake in shares of Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after acquiring an additional 996 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. KeyCorp lifted their target price on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Robert W. Baird boosted their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Finally, DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock valued at $1,563,166 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded up $1.78 during trading on Wednesday, hitting $528.66. 2,930,877 shares of the stock traded hands, compared to its average volume of 3,568,557. 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 stock has a market cap of $236.84 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 2.75 and a beta of 1.27. The firm’s fifty day moving average is $480.67 and its 200-day moving average is $536.04. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the business posted $3.04 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has initiated a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is 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.