Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Forte Capital LLC ADV

Forte Capital LLC ADV decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,416 shares of the software company’s stock after selling 594 shares during the period. Adobe makes up 2.6% of Forte Capital LLC ADV’s portfolio, making the stock its 6th biggest position. Forte Capital LLC ADV’s holdings in Adobe were worth $19,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Royal Fund Management LLC increased its stake in Adobe by 6.9% during the 4th quarter. Royal Fund Management LLC now owns 4,822 shares of the software company’s stock worth $2,877,000 after buying an additional 311 shares during the period. AJOVista LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $221,000. Baxter Bros Inc. increased its position in shares of Adobe by 6.0% during the fourth quarter. Baxter Bros Inc. now owns 2,256 shares of the software company’s stock worth $1,346,000 after acquiring an additional 128 shares during the last quarter. Provence Wealth Management Group lifted its stake in shares of Adobe by 42.8% in the fourth quarter. Provence Wealth Management Group now owns 1,601 shares of the software company’s stock worth $955,000 after acquiring an additional 480 shares in the last quarter. Finally, Blue Fin Capital Inc. boosted its holdings in Adobe by 4.3% in the fourth quarter. Blue Fin Capital Inc. now owns 8,659 shares of the software company’s stock valued at $5,166,000 after purchasing an additional 356 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded up $9.61 during mid-day trading on Friday, hitting $486.18. The company’s stock had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. 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 firm has a 50-day moving average price of $508.34 and a 200 day moving average price of $561.74. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market capitalization of $217.81 billion, a price-to-earnings ratio of 46.48, a PEG ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the business posted $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. UBS Group reduced their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Robert W. Baird dropped their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. Finally, Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. 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 company’s stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of the 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 owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 over the last three months. Insiders own 0.15% of the company’s stock.

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.