Albion Financial Group UT Has $872,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Albion Financial Group UT lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 35.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,728 shares of the software company’s stock after selling 932 shares during the period. Albion Financial Group UT’s holdings in Adobe were worth $872,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Valeo Financial Advisors LLC grew its stake in shares of Adobe by 8.0% during the first quarter. Valeo Financial Advisors LLC now owns 5,563 shares of the software company’s stock worth $2,807,000 after purchasing an additional 413 shares during the period. Iyo Bank Ltd. increased its stake in shares of Adobe by 11.3% in the 1st quarter. Iyo Bank Ltd. now owns 28,210 shares of the software company’s stock valued at $14,235,000 after acquiring an additional 2,870 shares during the last quarter. Carret Asset Management LLC raised its position in shares of Adobe by 6.4% in the 1st quarter. Carret Asset Management LLC now owns 3,665 shares of the software company’s stock valued at $1,849,000 after acquiring an additional 220 shares during the period. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Finally, Azzad Asset Management Inc. ADV increased its stake in Adobe by 1.2% in the first quarter. Azzad Asset Management Inc. ADV now owns 6,506 shares of the software company’s stock valued at $3,283,000 after purchasing an additional 78 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The shares were 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 $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the 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 $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock valued at $15,165,916 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $2.44 during trading hours on Wednesday, reaching $570.15. 1,664,373 shares of the stock were exchanged, compared to its average volume of 3,566,709. The stock’s fifty day simple moving average is $488.79 and its 200 day simple moving average is $533.97. The firm has a market capitalization of $252.80 billion, a price-to-earnings ratio of 50.85, a P/E/G ratio of 2.90 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. 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 (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $3.04 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. Piper Sandler restated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research report on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.