Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sandhill Capital Partners LLC

Sandhill Capital Partners LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 18.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,469 shares of the software company’s stock after selling 12,706 shares during the period. Adobe makes up 2.7% of Sandhill Capital Partners LLC’s investment portfolio, making the stock its 17th largest holding. Sandhill Capital Partners LLC’s holdings in Adobe were worth $33,093,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rockland Trust Co. lifted its stake in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the period. Federated Hermes Inc. raised its position in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC raised its position in Adobe by 9.6% during 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 last quarter. Team Hewins LLC acquired a new position in Adobe during the third quarter worth about $4,141,000. Finally, Guinness Asset Management LTD raised its position in Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares during 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 analysts have issued reports on ADBE shares. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Wells Fargo & Company lowered their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Piper Sandler Companies lowered their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Stifel Nicolaus lowered their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

ADBE stock traded down $3.68 during trading on Thursday, hitting $473.44. 2,245,608 shares of the company’s stock traded hands, compared to its average volume of 3,510,927. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a fifty day moving average price of $519.06 and a two-hundred day moving average price of $565.33. The stock has a market capitalization of $212.10 billion, a price-to-earnings ratio of 44.62, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock worth $137,656 over the last 90 days. Insiders own 0.15% of the company’s stock.

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.