Cannell & Co. Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cannell & Co. lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% during the 4th quarter, Holdings Channel reports. The firm owned 30,239 shares of the software company’s stock after selling 1,116 shares during the quarter. Cannell & Co.’s holdings in Adobe were worth $18,041,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of ADBE. Hexagon Capital Partners LLC grew its position in Adobe by 176.7% during the 4th quarter. Hexagon Capital Partners LLC now owns 700 shares of the software company’s stock worth $418,000 after purchasing an additional 447 shares during the period. Waycross Partners LLC raised its position in Adobe by 100.0% during the fourth quarter. Waycross Partners LLC now owns 4,000 shares of the software company’s stock valued at $2,386,000 after acquiring an additional 2,000 shares in the last quarter. Savant Capital LLC lifted its holdings in Adobe by 6.0% in the fourth quarter. Savant Capital LLC now owns 6,429 shares of the software company’s stock valued at $3,836,000 after acquiring an additional 362 shares during the period. Alpha Cubed Investments LLC boosted its position in Adobe by 4.2% in the 4th quarter. Alpha Cubed Investments LLC now owns 70,630 shares of the software company’s stock worth $42,138,000 after purchasing an additional 2,846 shares in the last quarter. Finally, MONECO Advisors LLC grew its stake in shares of Adobe by 662.6% during the 4th quarter. MONECO Advisors LLC now owns 4,461 shares of the software company’s stock worth $2,662,000 after purchasing an additional 3,876 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two investment 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In other 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by insiders.

Adobe Stock Up 0.8 %

Shares of ADBE stock traded up $3.79 on Wednesday, reaching $466.62. 871,376 shares of the stock were exchanged, compared to its average volume of 3,456,167. The company has a market capitalization of $209.05 billion, a price-to-earnings ratio of 44.25, a PEG ratio of 2.56 and a beta of 1.28. The business’s 50 day moving average price is $512.29 and its 200 day moving average price is $563.44. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm posted $2.97 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

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.