Adobe Inc. (NASDAQ:ADBE) Shares Sold by OneAscent Wealth Management LLC

OneAscent Wealth Management LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.1% during the first quarter, HoldingsChannel reports. The firm owned 966 shares of the software company’s stock after selling 121 shares during the period. OneAscent Wealth Management LLC’s holdings in Adobe were worth $487,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Barlow Wealth Partners Inc. purchased a new position in Adobe in the fourth quarter worth approximately $16,700,000. Federated Hermes Inc. boosted its stake in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC lifted its holdings in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Vise Technologies Inc. lifted its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Finally, Steph & Co. grew its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of Adobe stock traded up $8.78 during trading hours on Friday, hitting $555.54. 5,084,543 shares of the company were exchanged, compared to its average volume of 4,723,748. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a P/E/G ratio of 2.85 and a beta of 1.27. The business has a 50-day moving average of $485.04 and a 200-day moving average of $535.58. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the business posted $3.04 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 96 shares of the business’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 value 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. Insiders sold 28,270 shares of company stock valued at $15,165,916 in the last three months. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. BMO Capital Markets raised their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. DA Davidson restated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Barclays increased their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research note on Monday, June 10th. Finally, HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

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.