Mirova US LLC Has $484.94 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Mirova US LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 812,844 shares of the software company’s stock after selling 11,979 shares during the quarter. Adobe accounts for approximately 7.3% of Mirova US LLC’s portfolio, making the stock its 2nd largest position. Mirova US LLC’s holdings in Adobe were worth $484,943,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new position in Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter worth $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC purchased a new position in Adobe in the 4th quarter worth $29,000. Finally, Fortis Capital Advisors LLC purchased a new position in Adobe in the 4th quarter worth $35,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Adobe stock traded down $2.26 during midday trading on Wednesday, reaching $473.96. 643,678 shares of the company traded hands, compared to its average volume of 3,572,447. The firm has a market capitalization of $212.33 billion, a price-to-earnings ratio of 45.35, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28. The business has a 50 day moving average of $536.02 and a two-hundred day moving average of $567.62. Adobe Inc. has a 12 month low of $331.89 and a 12 month 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.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates 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 in the prior year, the company earned $2.97 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. HSBC decreased their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. TD Cowen decreased their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, Mizuho restated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

About Adobe

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.