Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ninety One North America Inc.

Ninety One North America Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,846 shares of the software company’s stock after selling 2,389 shares during the quarter. Ninety One North America Inc.’s holdings in Adobe were worth $8,857,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in ADBE. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the third quarter worth approximately $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe during the third quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its position in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC bought a new position in Adobe during the fourth quarter worth $29,000. Finally, Fortis Capital Advisors LLC acquired a new position in Adobe in the fourth quarter worth $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the firm’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 completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of the 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 transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock valued at $1,848,418 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. DA Davidson restated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Down 0.0 %

Adobe stock traded down $0.12 during mid-day trading on Thursday, hitting $474.33. The company’s stock had a trading volume of 1,035,482 shares, compared to its average volume of 3,557,331. The firm’s 50 day moving average is $533.19 and its 200 day moving average is $566.97. The company has a market cap of $212.50 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. 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 52-week low of $331.89 and a 52-week high of $638.25.

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

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.