Sargent Investment Group LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Sargent Investment Group LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% in the fourth quarter, HoldingsChannel reports. The fund owned 1,801 shares of the software company’s stock after selling 21 shares during the quarter. Sargent Investment Group LLC’s holdings in Adobe were worth $1,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rockland Trust Co. boosted its position in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares during the period. Federated Hermes Inc. boosted its holdings in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC increased its stake in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC bought a new stake in Adobe during the third quarter valued at about $4,141,000. Finally, Guinness Asset Management LTD lifted its position in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after acquiring an additional 2,499 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $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 in the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Trading Up 0.9 %

Shares of ADBE traded up $4.12 during midday trading on Friday, hitting $477.56. The stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. The stock’s 50 day moving average is $515.34 and its 200 day moving average is $564.55. The firm has a market cap of $213.95 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year 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 (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has initiated a share 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 reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird lowered their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. HSBC cut their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Barclays reduced their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Company 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.