Tranquility Partners LLC Sells 125 Shares of Adobe Inc. (NASDAQ:ADBE)

Tranquility Partners LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 12.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 906 shares of the software company’s stock after selling 125 shares during the period. Tranquility Partners LLC’s holdings in Adobe were worth $541,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Rockland Trust Co. boosted its position in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares during the last quarter. Mainsail Financial Group LLC boosted its position in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the last quarter. Team Hewins LLC bought a new position in Adobe in the 3rd quarter valued at $4,141,000. Guinness Asset Management LTD boosted its position in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD boosted its position in Adobe by 36.7% in the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock valued at $3,544,000 after buying an additional 1,871 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADBE. KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Wells Fargo & Company reduced their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Robert W. Baird reduced their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Up 0.0 %

NASDAQ:ADBE traded up $0.23 on Thursday, hitting $474.68. The stock had a trading volume of 246,372 shares, compared to its average volume of 3,545,723. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $212.66 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm’s fifty day simple moving average is $533.19 and its two-hundred day simple moving average is $566.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business posted $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, 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 document filed with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were 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 directly 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 can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock worth $1,848,418 in the last quarter. Insiders own 0.15% of the company’s stock.

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.