Choreo LLC Acquires 2,980 Shares of Adobe Inc. (NASDAQ:ADBE)

Choreo LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 237.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,234 shares of the software company’s stock after purchasing an additional 2,980 shares during the period. Choreo LLC’s holdings in Adobe were worth $2,526,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Morgan Stanley grew its holdings in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Northern Trust Corp boosted its holdings in Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Jennison Associates LLC boosted its holdings in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Invesco Ltd. boosted its holdings in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Finally, Concentrum Wealth Management boosted its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Piper Sandler Companies lowered their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $473.07 on Tuesday. 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 1-year low of $331.89 and a 1-year high of $638.25. The company has a market capitalization of $211.94 billion, a P/E ratio of 45.23, a P/E/G ratio of 2.59 and a beta of 1.28. The firm’s 50 day simple moving average is $513.87 and its two-hundred day simple moving average is $564.05.

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

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

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction 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 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 Securities & Exchange Commission, which is available through this link. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction 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 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 Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293 shares of company stock valued at $137,656. 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.