Angeles Investment Advisors LLC Sells 31 Shares of Adobe Inc. (NASDAQ:ADBE)

Angeles Investment Advisors LLC cut its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,457 shares of the software company’s stock after selling 31 shares during the quarter. Angeles Investment Advisors LLC’s holdings in Adobe were worth $869,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe during the fourth quarter worth about $35,000. Hanseatic Management Services Inc. purchased a new stake in Adobe in the third quarter valued at approximately $45,000. BKM Wealth Management LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $65,000. First United Bank & Trust purchased a new stake in Adobe in the fourth quarter valued at approximately $74,000. Finally, Fortitude Family Office LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $75,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. TD Cowen lowered their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus lowered their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday. Finally, KeyCorp assumed coverage on Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective on the stock. 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 data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $612.79.

Read Our Latest Analysis on Adobe

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated 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 approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 in the last three months. 0.15% of the stock is owned by company insiders.

Adobe Trading Up 1.6 %

NASDAQ:ADBE traded up $7.30 during trading hours on Friday, hitting $465.43. The company had a trading volume of 2,682,933 shares, compared to its average volume of 3,356,879. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $477.49 and a 200 day moving average of $547.24. The company has a market cap of $208.51 billion, a P/E ratio of 44.69, a P/E/G ratio of 2.47 and a beta of 1.27. Adobe Inc. has a 1 year low of $423.58 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The company 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 firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. Sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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