Adobe Inc. (NASDAQ:ADBE) Shares Sold by SVB Wealth LLC

SVB Wealth LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 14.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,492 shares of the software company’s stock after selling 4,759 shares during the quarter. SVB Wealth LLC’s holdings in Adobe were worth $16,402,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $1,757,029,000. Moneta Group Investment Advisors LLC increased its stake in Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after buying an additional 3,245,427 shares during the period. Concentrum Wealth Management increased its stake in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the period. Morgan Stanley increased its stake in Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in Adobe in the 4th quarter valued at $875,592,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,063 shares of company stock valued at $1,853,025. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.8 %

Shares of Adobe stock traded up $3.63 during mid-day trading on Tuesday, hitting $473.73. 715,705 shares of the stock were exchanged, compared to its average volume of 3,586,040. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock has a market capitalization of $212.23 billion, a price-to-earnings ratio of 45.19, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The company has a 50-day simple moving average of $538.63 and a 200 day simple moving average of $567.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the company earned $2.97 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADBE. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Barclays cut their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.