Northcape Capital Pty Ltd Sells 327 Shares of Adobe Inc. (NASDAQ:ADBE)

Northcape Capital Pty Ltd decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.4% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 5,739 shares of the software company’s stock after selling 327 shares during the period. Adobe comprises 0.4% of Northcape Capital Pty Ltd’s portfolio, making the stock its 16th biggest position. Northcape Capital Pty Ltd’s holdings in Adobe were worth $3,424,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC acquired a new position in Adobe during the third quarter valued at approximately $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the 3rd quarter valued at approximately $25,000. Global Wealth Strategies & Associates grew its stake in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC bought a new position in shares of Adobe in the 4th quarter valued at $29,000. Finally, Halpern Financial Inc. grew its position in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. KeyCorp assumed coverage on shares of Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 0.5 %

Shares of NASDAQ ADBE traded down $2.57 during midday trading on Thursday, hitting $501.83. 1,351,758 shares of the company traded hands, compared to its average volume of 3,638,210. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The stock has a 50-day moving average price of $573.39 and a 200 day moving average price of $571.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. The firm has a market cap of $227.10 billion, a P/E ratio of 48.02, a P/E/G ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe declared that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors 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.