Norden Group LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Norden Group LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,724 shares of the software company’s stock after selling 47 shares during the period. Adobe comprises about 1.0% of Norden Group LLC’s investment portfolio, making the stock its 9th largest holding. Norden Group LLC’s holdings in Adobe were worth $6,398,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in Adobe by 3.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock worth $76,979,000 after purchasing an additional 5,248 shares in the last quarter. YHB Investment Advisors Inc. raised its holdings in shares of Adobe by 2.7% in the third quarter. YHB Investment Advisors Inc. now owns 935 shares of the software company’s stock valued at $477,000 after purchasing an additional 25 shares during the last quarter. RMR Wealth Builders lifted its position in shares of Adobe by 27.0% in the third quarter. RMR Wealth Builders now owns 4,037 shares of the software company’s stock worth $2,058,000 after purchasing an additional 858 shares in the last quarter. Suncoast Equity Management boosted its holdings in Adobe by 2.0% during the third quarter. Suncoast Equity Management now owns 68,341 shares of the software company’s stock worth $34,847,000 after purchasing an additional 1,324 shares during the last quarter. Finally, Atlas Private Wealth Management boosted its holdings in Adobe by 1.3% during the third quarter. Atlas Private Wealth Management now owns 5,226 shares of the software company’s stock worth $2,665,000 after purchasing an additional 67 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.3 %

Adobe stock traded down $6.13 during trading hours on Tuesday, hitting $466.94. The stock had a trading volume of 1,121,727 shares, compared to its average volume of 3,461,764. The business’s 50 day simple moving average is $513.87 and its 200-day simple moving average is $564.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a market cap of $209.19 billion, a price-to-earnings ratio of 44.98, a P/E/G ratio of 2.59 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 posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 EPS. On average, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. Robert W. Baird dropped their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company dropped their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. 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. Finally, Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned 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.

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.