First Pacific Financial Sells 177 Shares of Adobe Inc. (NASDAQ:ADBE)

First Pacific Financial decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,290 shares of the software company’s stock after selling 177 shares during the period. Adobe comprises 0.4% of First Pacific Financial’s portfolio, making the stock its 28th biggest position. First Pacific Financial’s holdings in Adobe were worth $1,366,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Adobe in the 4th quarter valued at $1,757,029,000. Moneta Group Investment Advisors LLC grew its stake in shares of Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Concentrum Wealth Management boosted its holdings in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares during the last quarter. Morgan Stanley raised its position in shares of Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Finally, Invesco Ltd. increased its stake in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ADBE. KGI Securities raised Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 target price for the company in a research note on Monday, December 4th. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Citigroup upped their price objective on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by insiders.

Adobe Trading Down 0.6 %

NASDAQ ADBE opened at $504.40 on Thursday. The company has a market cap of $228.27 billion, a price-to-earnings ratio of 48.22, a P/E/G ratio of 2.75 and a beta of 1.29. The business has a 50 day moving average price of $573.39 and a 200-day moving average price of $571.57. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company posted $2.97 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

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.