Onyx Bridge Wealth Group LLC Has $535,000 Position in Adobe Inc. (NASDAQ:ADBE)

Onyx Bridge Wealth Group LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 29.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 897 shares of the software company’s stock after selling 377 shares during the period. Onyx Bridge Wealth Group LLC’s holdings in Adobe were worth $535,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Iron Horse Wealth Management LLC acquired a new position in Adobe in the third quarter worth about $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the third quarter worth about $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC acquired a new position in Adobe in the fourth quarter worth about $29,000. Finally, Wetzel Investment Advisors Inc. acquired a new position in Adobe in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. Barclays decreased their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. HSBC decreased their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Finally, UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Down 1.7 %

ADBE traded down $8.16 during mid-day trading on Friday, hitting $465.02. The stock had a trading volume of 3,282,142 shares, compared to its average volume of 3,213,157. The firm has a market capitalization of $208.33 billion, a price-to-earnings ratio of 44.46, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock’s fifty day simple moving average is $527.09 and its 200-day simple moving average is $565.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Activity

In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock valued at $1,848,418 in the last quarter. 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.