Adobe Inc. (NASDAQ:ADBE) Shares Sold by Wright Investors Service Inc.

Wright Investors Service Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,993 shares of the software company’s stock after selling 228 shares during the period. Adobe accounts for about 1.5% of Wright Investors Service Inc.’s portfolio, making the stock its 12th largest position. Wright Investors Service Inc.’s holdings in Adobe were worth $5,365,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Adobe by 2.3% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,733 shares of the software company’s stock worth $8,790,000 after acquiring an additional 326 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Adobe by 14.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 79,385 shares of the software company’s stock worth $47,360,000 after buying an additional 10,261 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong grew its holdings in shares of Adobe by 179.5% during the fourth quarter. CloudAlpha Capital Management Limited Hong Kong now owns 64,275 shares of the software company’s stock worth $38,346,000 after buying an additional 41,275 shares in the last quarter. KLCM Advisors Inc. acquired a new position in Adobe in the fourth quarter valued at about $1,077,000. Finally, Rakuten Securities Inc. acquired a new position in Adobe in the fourth quarter valued at about $308,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company reduced their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies cut their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

Shares of ADBE traded up $1.48 on Thursday, reaching $475.93. 605,798 shares of the stock traded hands, compared to its average volume of 3,551,579. The firm has a market cap of $213.22 billion, a price-to-earnings ratio of 45.55, a P/E/G ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The stock’s 50-day moving average price is $533.19 and its 200-day moving average price is $566.97.

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

Adobe declared that its Board of Directors has initiated a share buyback plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were 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 owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is currently owned by corporate insiders.

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.