PrairieView Partners LLC Sells 70 Shares of Adobe Inc. (NASDAQ:ADBE)

PrairieView Partners LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 36.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120 shares of the software company’s stock after selling 70 shares during the period. PrairieView Partners LLC’s holdings in Adobe were worth $61,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter worth $35,000. Steph & Co. grew its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in Adobe in the first quarter worth $47,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. 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. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock traded down $6.92 on Thursday, reaching $557.63. 3,189,218 shares of the company were exchanged, compared to its average volume of 3,534,196. The company has a market cap of $247.25 billion, a price-to-earnings ratio of 50.60, a P/E/G ratio of 3.00 and a beta of 1.30. The business has a 50-day moving average price of $500.62 and a 200 day moving average price of $533.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS 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 analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.04 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several equities analysts have issued reports on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 price target on shares of Adobe in a report on Friday, June 14th. BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 price objective on shares of Adobe in a report on Friday, June 14th. Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.