Sargent Investment Group LLC Sells 21 Shares of Adobe Inc. (NASDAQ:ADBE)

Sargent Investment Group LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,801 shares of the software company’s stock after selling 21 shares during the period. Sargent Investment Group LLC’s holdings in Adobe were worth $1,074,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stonebrook Private Inc. acquired a new stake in shares of Adobe during the fourth quarter worth $563,000. Principle Wealth Partners LLC boosted its holdings in Adobe by 0.7% in the 4th quarter. Principle Wealth Partners LLC now owns 3,650 shares of the software company’s stock valued at $2,178,000 after purchasing an additional 27 shares during the period. Ownership Capital B.V. bought a new position in shares of Adobe during the fourth quarter worth approximately $157,319,000. Transcend Capital Advisors LLC raised its position in shares of Adobe by 6.0% in the fourth quarter. Transcend Capital Advisors LLC now owns 2,871 shares of the software company’s stock valued at $1,713,000 after buying an additional 162 shares in the last quarter. Finally, Unique Wealth Strategies LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $1,216,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

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

Adobe Stock Up 0.9 %

Shares of NASDAQ ADBE traded up $4.12 during trading on Friday, hitting $477.56. 2,460,261 shares of the company traded hands, compared to its average volume of 2,815,745. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a P/E/G ratio of 2.59 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The business’s fifty day moving average is $515.34 and its 200 day moving average is $564.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADBE. TD Cowen dropped their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Stifel Nicolaus cut their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.