Shariaportfolio Inc. Sells 31 Shares of Adobe Inc. (NASDAQ:ADBE)

Shariaportfolio Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,025 shares of the software company’s stock after selling 31 shares during the quarter. Adobe comprises approximately 1.2% of Shariaportfolio Inc.’s investment portfolio, making the stock its 19th biggest holding. Shariaportfolio Inc.’s holdings in Adobe were worth $1,805,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the 4th quarter worth $35,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe during the third quarter worth about $45,000. BKM Wealth Management LLC acquired a new stake in Adobe in the 4th quarter valued at approximately $65,000. First United Bank & Trust bought a new stake in Adobe in the 4th quarter valued at approximately $74,000. Finally, Fortitude Family Office LLC acquired a new position in Adobe during the 4th quarter worth approximately $75,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock traded down $2.82 during trading on Wednesday, hitting $459.87. The company had a trading volume of 3,639,604 shares, compared to its average volume of 3,354,399. The firm has a market capitalization of $206.02 billion, a P/E ratio of 44.82, a price-to-earnings-growth ratio of 2.49 and a beta of 1.27. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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 stock’s 50-day moving average price is $475.14 and its 200 day moving average price is $543.02.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted $2.97 EPS. Equities analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was 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 in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. BMO Capital Markets lowered their target price on Adobe from $610.00 to $525.00 and set an “outperform” rating on the stock in a research report on Thursday, June 6th. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Robert W. Baird decreased their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $600.97.

View Our Latest Stock Report on ADBE

About Adobe

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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