Yousif Capital Management LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Yousif Capital Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,251 shares of the software company’s stock after selling 817 shares during the period. Adobe makes up about 0.4% of Yousif Capital Management LLC’s portfolio, making the stock its 25th biggest holding. Yousif Capital Management LLC’s holdings in Adobe were worth $37,139,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC acquired a new stake in Adobe during the 3rd quarter worth about $25,000. HBC Financial Services PLLC acquired a new stake in Adobe during the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates boosted its holdings in 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 buying an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the 4th quarter worth about $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe in the 3rd quarter worth about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 1.3 %

Shares of ADBE stock traded up $6.01 during trading on Tuesday, hitting $472.90. 2,200,448 shares of the stock traded hands, compared to its average volume of 3,540,307. The firm has a market capitalization of $211.86 billion, a P/E ratio of 45.21, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s fifty day moving average price is $521.61 and its 200-day moving average price is $565.95. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its 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. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.97 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. TD Cowen lowered their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on 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 transaction, 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. Insiders have sold a total of 3,175 shares of company stock valued at $1,895,518 over the last quarter. 0.15% of the stock is owned by company insiders.

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.