Sequoia Financial Advisors LLC Sells 1,214 Shares of Adobe Inc. (NASDAQ:ADBE)

Sequoia Financial Advisors LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 12.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,380 shares of the software company’s stock after selling 1,214 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Adobe were worth $4,229,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADBE. Royal London Asset Management Ltd. increased its holdings in shares of Adobe by 1.9% in the third quarter. Royal London Asset Management Ltd. now owns 598,867 shares of the software company’s stock worth $305,398,000 after purchasing an additional 10,927 shares during the period. Baker Avenue Asset Management LP grew its position in Adobe by 4.7% in the third quarter. Baker Avenue Asset Management LP now owns 2,287 shares of the software company’s stock worth $1,166,000 after acquiring an additional 103 shares in the last quarter. GSA Capital Partners LLP grew its position in Adobe by 165.8% in the third quarter. GSA Capital Partners LLP now owns 8,970 shares of the software company’s stock worth $4,574,000 after acquiring an additional 5,595 shares in the last quarter. Crestwood Advisors Group LLC grew its position in Adobe by 4.2% in the third quarter. Crestwood Advisors Group LLC now owns 128,009 shares of the software company’s stock worth $65,272,000 after acquiring an additional 5,110 shares in the last quarter. Finally, Tenere Capital LLC purchased a new position in Adobe in the third quarter worth $5,558,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock traded up $8.19 on Friday, hitting $578.34. The company had a trading volume of 2,808,635 shares, compared to its average volume of 4,308,988. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s 50-day simple moving average is $494.61 and its 200 day simple moving average is $534.33. The stock has a market cap of $256.44 billion, a price-to-earnings ratio of 51.96, a P/E/G ratio of 2.98 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $3.04 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADBE shares. Barclays upped their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. UBS Group cut their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research report on Friday, June 14th. TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Finally, Citigroup cut their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe 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 disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock worth $15,165,916 in the last 90 days. 0.15% of the stock is currently owned by insiders.

About Adobe

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.