Adobe Inc. (NASDAQ:ADBE) Position Reduced by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 67,112 shares of the software company’s stock after selling 66 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Adobe were worth $40,039,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Rockland Trust Co. lifted 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 worth $564,000 after buying an additional 44 shares during the last quarter. Mainsail Financial Group LLC lifted its position in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the last quarter. Team Hewins LLC bought a new stake in Adobe in the 3rd quarter valued at about $4,141,000. Guinness Asset Management LTD lifted its position 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 purchasing an additional 2,499 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC increased its stake in Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after buying an additional 1,732 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. DA Davidson reiterated a “buy” rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Piper Sandler Companies decreased their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. TD Cowen reduced their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, UBS Group reduced their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 0.3 %

Shares of ADBE traded down $1.64 during mid-day trading on Wednesday, hitting $474.58. 1,153,970 shares of the company’s stock were exchanged, compared to its average volume of 3,579,702. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50-day simple moving average of $536.02 and a 200 day simple moving average of $567.62. The company has a market cap of $212.61 billion, a PE ratio of 45.35, a P/E/G ratio of 2.55 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its 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 during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $2.97 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

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.