CCM Investment Advisers LLC Sells 27,693 Shares of Adobe Inc. (NASDAQ:ADBE)

CCM Investment Advisers LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 91.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,712 shares of the software company’s stock after selling 27,693 shares during the period. CCM Investment Advisers LLC’s holdings in Adobe were worth $1,040,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank acquired a new position in Adobe in the fourth quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Northern Trust Corp boosted its position in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC grew its holdings in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.2%

ADBE opened at $413.68 on Friday. The company has a 50 day moving average of $385.73 and a 200 day moving average of $422.64. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market cap of $176.31 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business earned $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADBE. UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $503.33.

Insiders Place Their Bets

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.