Mogy Joel R Investment Counsel Inc. Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Mogy Joel R Investment Counsel Inc. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,056 shares of the software company’s stock after selling 310 shares during the period. Adobe makes up approximately 2.6% of Mogy Joel R Investment Counsel Inc.’s holdings, making the stock its 15th biggest holding. Mogy Joel R Investment Counsel Inc.’s holdings in Adobe were worth $34,040,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Oak Thistle LLC bought a new position in shares of Adobe during the 3rd quarter valued at approximately $472,000. Patriot Financial Group Insurance Agency LLC raised its holdings in Adobe by 14.2% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,612 shares of the software company’s stock valued at $822,000 after buying an additional 200 shares during the period. TFG Advisers LLC purchased a new stake in Adobe during the 3rd quarter valued at $240,000. Investment Research & Advisory Group Inc. raised its holdings in Adobe by 3.1% during the 3rd quarter. Investment Research & Advisory Group Inc. now owns 3,810 shares of the software company’s stock valued at $1,943,000 after buying an additional 115 shares during the period. Finally, Zullo Investment Group Inc. raised its holdings in Adobe by 6.5% during the 3rd quarter. Zullo Investment Group Inc. now owns 781 shares of the software company’s stock valued at $398,000 after buying an additional 48 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. TD Cowen reduced their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

ADBE stock traded up $4.12 during trading on Friday, hitting $477.56. 2,460,261 shares of the company traded hands, compared to its average volume of 2,815,745. The stock’s 50-day simple moving average is $515.34 and its 200 day simple moving average is $564.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $213.95 billion, a PE ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

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

Adobe declared that its board has authorized a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the business’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 value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock worth $137,656 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

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.