Mission Wealth Management LP Sells 589 Shares of Adobe Inc. (NASDAQ:ADBE)

Mission Wealth Management LP reduced its position in Adobe Inc. (NASDAQ:ADBE) by 4.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,010 shares of the software company’s stock after selling 589 shares during the period. Mission Wealth Management LP’s holdings in Adobe were worth $8,358,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Certuity LLC lifted its stake in Adobe by 56.2% during the 4th quarter. Certuity LLC now owns 3,673 shares of the software company’s stock valued at $2,191,000 after acquiring an additional 1,321 shares in the last quarter. Penobscot Investment Management Company Inc. raised its stake in shares of Adobe by 11.9% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 13,994 shares of the software company’s stock worth $8,349,000 after purchasing an additional 1,493 shares during the period. Cozad Asset Management Inc. raised its stake in shares of Adobe by 10.8% during the 4th quarter. Cozad Asset Management Inc. now owns 1,133 shares of the software company’s stock worth $676,000 after purchasing an additional 110 shares during the period. Duff & Phelps Investment Management Co. increased its holdings in Adobe by 0.6% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 5,067 shares of the software company’s stock worth $3,023,000 after acquiring an additional 30 shares during the last quarter. Finally, Field & Main Bank increased its holdings in Adobe by 0.8% in the 4th quarter. Field & Main Bank now owns 3,946 shares of the software company’s stock worth $2,354,000 after acquiring an additional 30 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ADBE. Mizuho reissued a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Down 2.2 %

Shares of ADBE traded down $10.24 during mid-day trading on Tuesday, hitting $462.83. 3,219,673 shares of the company’s stock traded hands, compared to its average volume of 3,488,144. 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 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market capitalization of $207.35 billion, a P/E ratio of 44.98, a PEG ratio of 2.59 and a beta of 1.28. The business’s 50-day moving average price is $513.87 and its 200-day moving average price is $564.05.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for 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 business’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.97 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a stock 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 purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management 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.