WESPAC Advisors SoCal LLC Has $1.63 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

WESPAC Advisors SoCal LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 8.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,221 shares of the software company’s stock after selling 312 shares during the period. WESPAC Advisors SoCal LLC’s holdings in Adobe were worth $1,625,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter valued at $35,000. Steph & Co. boosted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Vima LLC bought a new position in Adobe in the 4th quarter valued at about $55,000. Pineridge Advisors LLC bought a new position in Adobe in the 4th quarter valued at about $60,000. Finally, Scarborough Advisors LLC bought a new position in Adobe in the 4th quarter valued at about $61,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were 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 owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on ADBE. Citigroup decreased their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. KeyCorp raised their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Barclays lifted their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Up 0.8 %

Shares of NASDAQ ADBE traded up $4.47 during midday trading on Monday, hitting $560.01. The company’s stock had a trading volume of 3,068,825 shares, compared to its average volume of 3,586,013. The business’s fifty day simple moving average is $485.04 and its two-hundred day simple moving average is $534.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $248.31 billion, a price-to-earnings ratio of 50.32, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the company earned $3.04 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.