Callan Capital LLC Sells 28 Shares of Adobe Inc. (NASDAQ:ADBE)

Callan Capital LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,475 shares of the software company’s stock after selling 28 shares during the period. Callan Capital LLC’s holdings in Adobe were worth $1,477,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe during the third quarter worth $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe during the third quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the 4th quarter valued at $35,000. Finally, BluePath Capital Management LLC acquired a new position in shares of Adobe during the 3rd quarter worth $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.9 %

NASDAQ ADBE traded up $4.12 on Friday, hitting $477.56. 2,460,261 shares of the stock traded hands, compared to its average volume of 2,815,745. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average of $515.34 and a 200 day moving average of $564.33. The company has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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 return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has approved a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. Piper Sandler reiterated an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. JPMorgan Chase & Co. decreased their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. DA Davidson reiterated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two investment 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. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the business’s 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 transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 over 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.