Epic Trust Investment Advisors LLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Epic Trust Investment Advisors LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.6% during the 4th quarter, Holdings Channel reports. The firm owned 1,308 shares of the software company’s stock after selling 155 shares during the period. Adobe makes up about 1.0% of Epic Trust Investment Advisors LLC’s investment portfolio, making the stock its 24th largest holding. Epic Trust Investment Advisors LLC’s holdings in Adobe were worth $780,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Concentrum Wealth Management raised its stake in shares of Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the period. International Assets Investment Management LLC bought a new stake in Adobe during the 4th quarter valued at $875,592,000. Invesco Ltd. boosted its holdings in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the period. Jennison Associates LLC grew its position in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in Adobe during the 3rd quarter worth about $152,970,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock traded down $6.64 during trading on Tuesday, reaching $466.43. The stock had a trading volume of 1,585,660 shares, compared to its average volume of 3,467,272. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $208.96 billion, a PE ratio of 44.98, a PEG ratio of 2.59 and a beta of 1.28. The stock’s 50 day moving average is $513.87 and its two-hundred day moving average is $564.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during 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 revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Robert W. Baird cut their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 96 shares of the company’s 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe 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 completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock worth $137,656 over the last 90 days. Corporate 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.