Phraction Management LLC Has $1.21 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Phraction Management LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 38.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,030 shares of the software company’s stock after selling 1,259 shares during the quarter. Adobe accounts for about 0.5% of Phraction Management LLC’s portfolio, making the stock its 27th largest holding. Phraction Management LLC’s holdings in Adobe were worth $1,211,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. bought a new position in Adobe in the 4th quarter valued at about $35,000. BluePath Capital Management LLC bought a new position in Adobe in the 3rd quarter valued at about $39,000. Hanseatic Management Services Inc. bought a new position in Adobe in the 3rd quarter valued at about $45,000. Finally, Hoey Investments Inc. increased its holdings in Adobe by 526.7% in the 3rd quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock valued at $48,000 after buying an additional 79 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. TD Cowen cut their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, HSBC dropped their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

Adobe stock traded up $4.41 during midday trading on Wednesday, hitting $467.24. 829,444 shares of the company were exchanged, compared to its average volume of 3,455,503. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The business has a fifty day simple moving average of $512.29 and a two-hundred day simple moving average of $563.44. The firm has a market capitalization of $209.32 billion, a PE ratio of 44.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

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 the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the business posted $2.97 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are usually 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.