Sendero Wealth Management LLC Sells 4,667 Shares of Adobe Inc. (NASDAQ:ADBE)

Sendero Wealth Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 45.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,601 shares of the software company’s stock after selling 4,667 shares during the period. Sendero Wealth Management LLC’s holdings in Adobe were worth $2,826,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ADBE. Invst LLC boosted its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. boosted its holdings in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC boosted its holdings in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management lifted its holdings in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares in the last quarter. Finally, Evolution Advisers Inc. lifted its holdings in Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after purchasing an additional 17 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 1.6 %

Shares of ADBE traded up $8.78 during trading on Friday, reaching $555.54. 5,077,912 shares of the company traded hands, compared to its average volume of 3,590,147. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $248.88 billion, a PE ratio of 49.91, a price-to-earnings-growth ratio of 2.76 and a beta of 1.27. The stock has a 50-day simple moving average of $485.04 and a 200-day simple moving average of $535.58. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating 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 business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the business earned $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’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 transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on ADBE. Barclays increased their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Robert W. Baird increased their price objective on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Wells Fargo & Company increased their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, DA Davidson reiterated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $607.67.

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.