F M Investments LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

F M Investments LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,465 shares of the software company’s stock after selling 1,092 shares during the period. Adobe comprises 1.8% of F M Investments LLC’s investment portfolio, making the stock its 18th biggest holding. F M Investments LLC’s holdings in Adobe were worth $3,234,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the 4th quarter worth approximately $35,000. Finally, BluePath Capital Management LLC acquired a new stake in shares of Adobe in the 3rd quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. KeyCorp assumed 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 lowered 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. Wells Fargo & Company lowered their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an “outperform” 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 issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was 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 directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was 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 directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,175 shares of company stock valued at $1,895,518 over the last three months. 0.15% of the stock is owned by company insiders.

Adobe Stock Up 1.3 %

NASDAQ:ADBE traded up $6.01 during mid-day trading on Tuesday, hitting $472.90. The company had a trading volume of 2,200,448 shares, compared to its average volume of 3,540,307. The business has a fifty day simple moving average of $521.61 and a 200-day simple moving average of $565.95. 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 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market capitalization of $211.86 billion, a price-to-earnings ratio of 45.21, a PEG ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $2.97 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Adobe Company 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.