Adobe Inc. (NASDAQ:ADBE) Shares Sold by Tanager Wealth Management LLP

Tanager Wealth Management LLP lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 377 shares of the software company’s stock after selling 27 shares during the period. Tanager Wealth Management LLP’s holdings in Adobe were worth $225,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ADBE. Norges Bank acquired a new stake in Adobe during the 4th quarter worth $1,757,029,000. Moneta Group Investment Advisors LLC boosted its holdings in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after acquiring an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management boosted its holdings in shares of Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Adobe in the fourth quarter valued at about $875,592,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. TD Cowen decreased their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Finally, Bank of America decreased their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Trading Down 1.7 %

Adobe stock traded down $8.16 during trading on Friday, reaching $465.02. The company had a trading volume of 3,280,642 shares, compared to its average volume of 3,572,111. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The stock’s 50 day moving average price is $530.33 and its two-hundred day moving average price is $566.32. The firm has a market capitalization of $208.33 billion, a price-to-earnings ratio of 44.46, a PEG ratio of 2.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign 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 the business’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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by company insiders.

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.