Adobe Inc. (NASDAQ:ADBE) Holdings Trimmed by Account Management LLC

Account Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,190 shares of the software company’s stock after selling 60 shares during the quarter. Adobe accounts for approximately 2.3% of Account Management LLC’s investment portfolio, making the stock its 14th largest position. Account Management LLC’s holdings in Adobe were worth $1,903,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Rockland Trust Co. boosted its position in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the period. Federated Hermes Inc. raised its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC grew its holdings in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the last quarter. Team Hewins LLC acquired a new stake in Adobe in the 3rd quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD grew its holdings in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Piper Sandler reissued an “overweight” rating and set a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Robert W. Baird decreased their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. reduced their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

Adobe stock traded up $4.12 during trading on Friday, hitting $477.56. The stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $515.34 and its two-hundred day moving average is $564.55. The stock has a market cap of $213.95 billion, a price-to-earnings ratio of 45.66, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its 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 firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 earnings per share. As a group, analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 over the last 90 days. Corporate 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.