Tilt Investment Management Holdings PBC Sells 525 Shares of Adobe Inc. (NASDAQ:ADBE)

Tilt Investment Management Holdings PBC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 22.1% during the 4th quarter, HoldingsChannel reports. The firm owned 1,848 shares of the software company’s stock after selling 525 shares during the period. Adobe comprises 1.2% of Tilt Investment Management Holdings PBC’s holdings, making the stock its 16th largest position. Tilt Investment Management Holdings PBC’s holdings in Adobe were worth $1,103,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC purchased a new stake in Adobe in the third quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe during the 3rd quarter worth $25,000. Global Wealth Strategies & Associates boosted its stake in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new position in shares of Adobe during the 4th quarter worth $29,000. Finally, Fortis Capital Advisors LLC purchased a new position in shares of Adobe during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. Robert W. Baird dropped their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Bank of America lowered their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. 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 research note on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC lowered their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

NASDAQ ADBE traded down $1.15 during mid-day trading on Thursday, reaching $473.30. 1,301,980 shares of the stock were exchanged, compared to its average volume of 3,560,800. The business’s 50 day moving average is $533.19 and its 200-day moving average is $566.97. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a market capitalization of $212.04 billion, a P/E ratio of 45.55, a P/E/G ratio of 2.58 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 posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the firm posted $2.97 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction 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 document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,075 shares of company stock valued at $1,848,418. Corporate insiders own 0.15% of the company’s stock.

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.