Elite Wealth Management Inc. Sells 392 Shares of Adobe Inc. (NASDAQ:ADBE)

Elite Wealth Management Inc. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,873 shares of the software company’s stock after selling 392 shares during the quarter. Adobe makes up 0.2% of Elite Wealth Management Inc.’s portfolio, making the stock its 16th largest holding. Elite Wealth Management Inc.’s holdings in Adobe were worth $3,504,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Prosperity Wealth Management Inc. bought a new position in Adobe during the 4th quarter valued at about $376,000. Sfmg LLC increased its holdings in shares of Adobe by 3.5% during the fourth quarter. Sfmg LLC now owns 680 shares of the software company’s stock worth $406,000 after buying an additional 23 shares in the last quarter. Quantum Private Wealth LLC raised its stake in shares of Adobe by 16.4% in the fourth quarter. Quantum Private Wealth LLC now owns 1,165 shares of the software company’s stock valued at $695,000 after acquiring an additional 164 shares during the last quarter. Tyche Wealth Partners LLC acquired a new position in shares of Adobe in the 4th quarter worth approximately $930,000. Finally, West Paces Advisors Inc. increased its holdings in Adobe by 7.6% during the 4th quarter. West Paces Advisors Inc. now owns 467 shares of the software company’s stock valued at $279,000 after purchasing an additional 33 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.3 %

ADBE traded down $1.32 during trading on Wednesday, hitting $474.90. The company had a trading volume of 848,477 shares, compared to its average volume of 3,575,232. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $212.76 billion, a PE ratio of 45.35, a PEG ratio of 2.55 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm’s 50-day moving average price is $536.02 and its 200 day moving average price is $567.62.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. The firm’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 year.

Adobe announced that its board has initiated a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, 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 value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ADBE shares. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research note on Thursday, January 18th. DA Davidson reissued a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Two investment 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. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.