Winthrop Advisory Group LLC Sells 23 Shares of Adobe Inc. (NASDAQ:ADBE)

Winthrop Advisory Group LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 2.2% during the 1st quarter, HoldingsChannel reports. The fund owned 1,015 shares of the software company’s stock after selling 23 shares during the quarter. Winthrop Advisory Group LLC’s holdings in Adobe were worth $512,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Bamco Inc. NY grew its position in Adobe by 45.0% in the third quarter. Bamco Inc. NY now owns 6,342 shares of the software company’s stock valued at $3,234,000 after purchasing an additional 1,968 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. bought a new stake in Adobe during the third quarter worth $617,000. CWA Asset Management Group LLC lifted its stake in Adobe by 7.0% in the third quarter. CWA Asset Management Group LLC now owns 1,181 shares of the software company’s stock valued at $602,000 after acquiring an additional 77 shares during the last quarter. Teza Capital Management LLC lifted its stake in Adobe by 267.9% in the third quarter. Teza Capital Management LLC now owns 5,537 shares of the software company’s stock valued at $2,823,000 after acquiring an additional 4,032 shares during the last quarter. Finally, Waverly Advisors LLC increased its stake in shares of Adobe by 49.6% during the 3rd quarter. Waverly Advisors LLC now owns 1,146 shares of the software company’s stock worth $584,000 after purchasing an additional 380 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $45,435.77. Following the sale, the chief accounting officer now 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 three months, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. KeyCorp upped their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, HSBC reduced their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Price Performance

Shares of ADBE stock traded up $8.78 during trading hours on Friday, reaching $555.54. The company’s 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 firm’s 50 day simple moving average is $485.04 and its 200-day simple moving average is $534.90. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 2.90 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $3.04 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.