OneAscent Wealth Management LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

OneAscent Wealth Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 11.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Astoria Portfolio Advisors LLC. lifted its stake in shares of Adobe by 4.1% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 888 shares of the software company’s stock valued at $417,000 after acquiring an additional 35 shares during the last quarter. Kathmere Capital Management LLC lifted its position in Adobe by 1.9% in the first quarter. Kathmere Capital Management LLC now owns 3,073 shares of the software company’s stock valued at $1,551,000 after purchasing an additional 58 shares during the last quarter. Cambridge Advisors Inc. purchased a new stake in shares of Adobe during the first quarter valued at approximately $202,000. Asio Capital LLC grew its holdings in shares of Adobe by 43.2% in the first quarter. Asio Capital LLC now owns 9,937 shares of the software company’s stock worth $5,014,000 after purchasing an additional 2,996 shares during the last quarter. Finally, Harbour Capital Advisors LLC increased its stake in shares of Adobe by 3.0% in the first quarter. Harbour Capital Advisors LLC now owns 4,167 shares of the software company’s stock worth $2,080,000 after buying an additional 120 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, June 14th. HSBC reduced their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Sanford C. Bernstein boosted their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Finally, Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $8.78 during mid-day trading on Friday, reaching $555.54. 5,084,543 shares of the company traded hands, compared to its average volume of 4,723,748. The company’s 50 day moving average price is $485.04 and its 200-day moving average price is $535.58. The firm has a market cap of $246.33 billion, a PE ratio of 49.91, a PEG ratio of 2.85 and a beta of 1.27. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.

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

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

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on 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 in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,270 shares of company stock valued at $15,165,916. Company insiders own 0.15% of the company’s stock.

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.