Avidian Wealth Solutions LLC Sells 197 Shares of Adobe Inc. (NASDAQ:ADBE)

Avidian Wealth Solutions LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 12.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,423 shares of the software company’s stock after selling 197 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Adobe were worth $849,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new stake in Adobe in the third quarter valued at about $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter valued at about $35,000. BluePath Capital Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at approximately $39,000. Hanseatic Management Services Inc. bought a new position in Adobe during the 3rd quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. acquired a new position in Adobe during the third quarter valued at approximately $52,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. KeyCorp started coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Barclays dropped their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Robert W. Baird lowered their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were 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 owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction 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 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 have sold 3,006 shares of company stock worth $1,424,432 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $9.61 during midday trading on Friday, hitting $486.18. 2,833,186 shares of the company’s stock were exchanged, compared to its average volume of 2,940,603. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company’s 50 day moving average price is $508.34 and its 200 day moving average price is $561.78. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

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

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

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.