Cantor Fitzgerald L. P. Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Cantor Fitzgerald L. P. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 97.2% during the fourth quarter, Holdings Channel reports. The firm owned 1,214 shares of the software company’s stock after selling 41,539 shares during the quarter. Cantor Fitzgerald L. P.’s holdings in Adobe were worth $724,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ADBE. Jump Financial LLC purchased a new position in Adobe in the 3rd quarter worth approximately $355,000. Valley Wealth Managers Inc. raised its holdings in shares of Adobe by 2.6% during the 3rd quarter. Valley Wealth Managers Inc. now owns 704 shares of the software company’s stock worth $359,000 after acquiring an additional 18 shares in the last quarter. Navellier & Associates Inc. purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $969,000. Catalyst Capital Advisors LLC raised its holdings in shares of Adobe by 34.5% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 339 shares of the software company’s stock worth $173,000 after acquiring an additional 87 shares in the last quarter. Finally, First National Advisers LLC raised its holdings in shares of Adobe by 68.7% during the 3rd quarter. First National Advisers LLC now owns 4,331 shares of the software company’s stock worth $2,209,000 after acquiring an additional 1,763 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.6 %

Shares of ADBE traded down $2.82 during midday trading on Wednesday, reaching $459.87. 3,639,604 shares of the stock were exchanged, compared to its average volume of 3,354,399. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. 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 company’s 50 day moving average is $474.39 and its two-hundred day moving average is $542.43. The company has a market capitalization of $206.02 billion, a P/E ratio of 43.96, a PEG ratio of 2.49 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the company earned $2.97 EPS. The business’s revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADBE. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a report on Wednesday. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. KeyCorp assumed coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Finally, Bank of America cut their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $600.97.

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.