Sovereign Financial Group Inc. Sells 243 Shares of Adobe Inc. (NASDAQ:ADBE)

Sovereign Financial Group Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 22.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 858 shares of the software company’s stock after selling 243 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Adobe were worth $512,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Rockland Trust Co. lifted its holdings in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC lifted its holdings in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the period. Team Hewins LLC purchased a new stake in shares of Adobe in the 3rd quarter worth $4,141,000. Finally, Naviter Wealth LLC lifted its holdings in shares of Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $1.32 during trading on Tuesday, hitting $492.27. The stock had a trading volume of 2,517,845 shares, compared to its average volume of 3,431,529. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The stock has a market capitalization of $220.54 billion, a price-to-earnings ratio of 47.06, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. 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 stock has a 50-day simple moving average of $505.80 and a two-hundred day simple moving average of $561.00.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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. The firm 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 company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $2.97 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction 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 document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. 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 report on Friday, March 15th. Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. Finally, Mizuho restated a “buy” rating and set a $680.00 price objective 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 assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.