Echo45 Advisors LLC Sells 48 Shares of Adobe Inc. (NASDAQ:ADBE)

Echo45 Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 8.7% during the first quarter, Holdings Channel reports. The institutional investor owned 502 shares of the software company’s stock after selling 48 shares during the quarter. Echo45 Advisors LLC’s holdings in Adobe were worth $253,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at about $3,277,785,000. Wellington Management Group LLP increased its stake in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Adobe in the fourth quarter worth $875,592,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares during the period. Finally, Putnam Investments LLC grew its holdings in shares of Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after buying an additional 307,479 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the business’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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s 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 completion of the sale, 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 document filed with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on 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 transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ADBE shares. Robert W. Baird lifted their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. BMO Capital Markets increased their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $700.00 price objective on shares of Adobe 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Price Performance

ADBE stock traded up $3.14 during trading on Monday, hitting $558.68. The stock had a trading volume of 2,073,368 shares, compared to its average volume of 3,578,052. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company’s 50-day moving average price is $485.04 and its two-hundred day moving average price is $534.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market capitalization of $247.72 billion, a P/E ratio of 50.06, a PEG ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the company posted $3.04 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are 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.