First Horizon Advisors Inc. Sells 2,912 Shares of Adobe Inc. (NASDAQ:ADBE)

First Horizon Advisors Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% during the fourth quarter, Holdings Channel reports. The firm owned 41,903 shares of the software company’s stock after selling 2,912 shares during the period. First Horizon Advisors Inc.’s holdings in Adobe were worth $25,000,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter worth about $35,000. BluePath Capital Management LLC bought a new stake in Adobe in the 3rd quarter valued at about $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe during the third quarter valued at about $45,000. Finally, First Command Advisory Services Inc. bought a new position in Adobe during the third quarter worth about $52,000. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock worth $137,656 over the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ADBE shares. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Finally, Oppenheimer restated an “outperform” rating and issued a $660.00 target price 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 issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $3.81 during trading hours on Thursday, reaching $473.20. 1,074,250 shares of the stock traded hands, compared to its average volume of 3,446,780. The company has a market capitalization of $211.99 billion, a P/E ratio of 45.17, a price-to-earnings-growth ratio of 2.51 and a beta of 1.28. The company’s 50-day simple moving average is $510.90 and its two-hundred day simple moving average is $562.78. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 analyst estimates of $5.14 billion. During the same period in the previous year, the business posted $2.97 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.