Adobe Inc. (NASDAQ:ADBE) Stock Holdings Reduced by Mirova US LLC

Mirova US LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 812,844 shares of the software company’s stock after selling 11,979 shares during the period. Adobe makes up approximately 7.3% of Mirova US LLC’s holdings, making the stock its 2nd largest position. Mirova US LLC owned 0.18% of Adobe worth $484,943,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC bought a new position in Adobe during the third quarter worth about $25,000. Global Wealth Strategies & Associates lifted its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares in the last quarter. BluePath Capital Management LLC bought a new position in Adobe during the third quarter worth about $39,000. Finally, Financial Freedom LLC bought a new position in Adobe during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $2.26 during trading on Wednesday, hitting $473.96. 643,678 shares of the company were exchanged, compared to its average volume of 3,572,447. The business’s 50 day moving average is $536.02 and its 200-day moving average is $567.62. The company has a market capitalization of $212.33 billion, a P/E ratio of 45.35, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a share buyback 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 buy up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. Barclays dropped their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Robert W. Baird dropped their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. DA Davidson reissued a “buy” rating and issued a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

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.