Institute for Wealth Management LLC. Has $11.04 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Institute for Wealth Management LLC. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,504 shares of the software company’s stock after selling 559 shares during the period. Adobe makes up approximately 1.8% of Institute for Wealth Management LLC.’s portfolio, making the stock its 6th biggest position. Institute for Wealth Management LLC.’s holdings in Adobe were worth $11,040,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. State Street Corp raised its position in shares of Adobe by 1.5% in the 1st quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock worth $7,180,322,000 after acquiring an additional 269,173 shares in the last quarter. Morgan Stanley grew its stake in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after buying an additional 277,484 shares during the period. Northern Trust Corp grew its stake in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after buying an additional 202,136 shares during the period. Norges Bank acquired a new stake in shares of Adobe in the 4th quarter valued at about $1,757,029,000. Finally, Jennison Associates LLC grew its stake in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. UBS Group lowered their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, Robert W. Baird lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock worth $1,848,418 over the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 1.8 %

Shares of NASDAQ ADBE traded down $8.57 on Friday, reaching $464.61. 1,523,310 shares of the company’s stock traded hands, compared to its average volume of 3,547,826. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The business’s 50 day simple moving average is $530.33 and its two-hundred day simple moving average is $566.32. The company has a market cap of $208.15 billion, a price-to-earnings ratio of 44.70, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. 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 (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 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 business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, 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 authorized a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is 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.