Signature Estate & Investment Advisors LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 890 shares of the software company’s stock after selling 27 shares during the period. Signature Estate & Investment Advisors LLC’s holdings in Adobe were worth $445,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Roble Belko & Company Inc boosted its stake in shares of Adobe by 216.7% during the 3rd quarter. Roble Belko & Company Inc now owns 57 shares of the software company’s stock worth $28,000 after purchasing an additional 39 shares during the last quarter. Horan Capital Advisors LLC. purchased a new position in shares of Adobe during the 3rd quarter worth about $32,000. Newfound Research LLC purchased a new position in shares of Adobe during the 3rd quarter worth about $38,000. Magellan Asset Management Ltd purchased a new position in shares of Adobe during the 3rd quarter worth about $39,000. Finally, Rockbridge Investment Management LCC purchased a new position in shares of Adobe during the 2nd quarter worth about $36,000. 82.43% of the stock is currently owned by institutional investors.
ADBE stock opened at $472.05 on Thursday. Adobe Inc. has a twelve month low of $255.13 and a twelve month high of $536.88. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $226.45 billion, a P/E ratio of 43.55, a PEG ratio of 2.70 and a beta of 0.97. The firm has a 50 day simple moving average of $487.60 and a 200-day simple moving average of $473.67.
Adobe announced that its board has initiated a share repurchase plan on Thursday, December 10th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 6.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several research analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Adobe from $430.00 to $570.00 and gave the stock an “overweight” rating in a report on Wednesday, September 16th. Wells Fargo & Company increased their price objective on shares of Adobe from $375.00 to $500.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 16th. Royal Bank of Canada increased their price objective on shares of Adobe from $570.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, December 11th. Citigroup cut their price target on shares of Adobe from $530.00 to $523.00 and set a “neutral” rating on the stock in a report on Wednesday, September 16th. Finally, Stifel Nicolaus raised their price target on shares of Adobe from $426.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-two have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $521.27.
In other Adobe news, CFO John Francis Murphy sold 4,000 shares of Adobe stock in a transaction on Monday, October 26th. The shares were sold at an average price of $480.90, for a total value of $1,923,600.00. Following the completion of the transaction, the chief financial officer now owns 16,266 shares of the company’s stock, valued at $7,822,319.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction on Monday, November 16th. The stock was sold at an average price of $459.79, for a total transaction of $275,874.00. Following the completion of the transaction, the executive vice president now directly owns 10,016 shares of the company’s stock, valued at approximately $4,605,256.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,148 shares of company stock valued at $3,845,820. 0.31% of the stock is currently owned by corporate insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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