AXS Investments LLC Has $6.25 Million Stake in Adobe Inc. (NASDAQ:ADBE)

AXS Investments LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,470 shares of the software company’s stock after selling 1,134 shares during the period. Adobe comprises approximately 1.5% of AXS Investments LLC’s investment portfolio, making the stock its 9th biggest holding. AXS Investments LLC’s holdings in Adobe were worth $6,246,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Pinnacle West Asset Management Inc. grew its position in Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after purchasing an additional 90 shares during the last quarter. WealthPlan Investment Management LLC increased its position in shares of Adobe by 223,500.0% in the 3rd quarter. WealthPlan Investment Management LLC now owns 4,472 shares of the software company’s stock valued at $2,280,000 after acquiring an additional 4,470 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Adobe by 7.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 3,870 shares of the software company’s stock valued at $1,973,000 after acquiring an additional 280 shares during the period. Jackson Creek Investment Advisors LLC lifted its position in Adobe by 9.4% during the 3rd quarter. Jackson Creek Investment Advisors LLC now owns 618 shares of the software company’s stock worth $315,000 after acquiring an additional 53 shares during the period. Finally, Q3 Asset Management acquired a new stake in Adobe during the 3rd quarter worth about $2,474,000. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Bank of America decreased their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, UBS Group lowered their price objective on 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 assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Down 0.1 %

Shares of NASDAQ ADBE traded down $0.62 during mid-day trading on Thursday, hitting $483.31. The company had a trading volume of 2,181,879 shares, compared to its average volume of 3,315,757. Adobe Inc. has a 1-year low of $361.72 and a 1-year high of $638.25. The company has a market capitalization of $216.52 billion, a PE ratio of 46.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50-day simple moving average is $488.89 and its 200 day simple moving average is $556.83.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business posted $2.97 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred 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 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 hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the company’s 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 in the last 90 days. Company insiders own 0.15% of the company’s stock.

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.