Adobe Inc. (NASDAQ:ADBE) Shares Sold by Tilt Investment Management Holdings PBC

Tilt Investment Management Holdings PBC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 22.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,848 shares of the software company’s stock after selling 525 shares during the quarter. Adobe makes up 1.2% of Tilt Investment Management Holdings PBC’s holdings, making the stock its 16th largest holding. Tilt Investment Management Holdings PBC’s holdings in Adobe were worth $1,103,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the third quarter worth $25,000. Global Wealth Strategies & Associates boosted its position in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the period. Financial Freedom LLC acquired a new stake in Adobe during the fourth quarter valued at $29,000. Finally, Fortis Capital Advisors LLC acquired a new stake in Adobe during the fourth quarter valued at $35,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Wells Fargo & Company reduced their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Trading Down 0.2 %

Shares of ADBE traded down $1.15 during trading hours on Thursday, reaching $473.30. The stock had a trading volume of 1,301,980 shares, compared to its average volume of 3,560,800. 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 Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The firm has a 50-day moving average of $533.19 and a 200 day moving average of $566.97. The company has a market cap of $212.04 billion, a P/E ratio of 45.55, a P/E/G ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.97 EPS. On average, 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 authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,075 shares of company stock worth $1,848,418. Corporate 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.