Adobe Inc. (NASDAQ:ADBE) Shares Sold by WD Rutherford LLC

WD Rutherford LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 1.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,916 shares of the software company’s stock after selling 140 shares during the period. Adobe makes up 2.1% of WD Rutherford LLC’s holdings, making the stock its 16th largest position. WD Rutherford LLC’s holdings in Adobe were worth $3,994,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ADBE. Wetzel Investment Advisors Inc. purchased a new position in Adobe during the fourth quarter worth approximately $35,000. Steph & Co. boosted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Vima LLC purchased a new position in Adobe during the fourth quarter worth approximately $55,000. Pineridge Advisors LLC purchased a new position in Adobe during the fourth quarter worth approximately $60,000. Finally, Scarborough Advisors LLC purchased a new position in Adobe during the fourth quarter worth approximately $61,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was 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 in the company, valued at $206,576,802.60. The transaction 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 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,270 shares of company stock worth $15,165,916. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 1.6 %

Shares of NASDAQ ADBE traded up $8.78 during trading on Friday, reaching $555.54. The stock had a trading volume of 5,084,543 shares, compared to its average volume of 4,723,748. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The business’s 50-day moving average price is $485.04 and its 200-day moving average price is $535.58. The company has a market cap of $246.33 billion, a P/E ratio of 49.91, a PEG ratio of 2.85 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $3.04 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its board has authorized a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. UBS Group decreased their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Stifel Nicolaus cut their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Finally, StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Company 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.