Adobe Inc. (NASDAQ:ADBE) Shares Sold by Capital World Investors

Capital World Investors decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 77.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 115,251 shares of the software company’s stock after selling 387,095 shares during the quarter. Capital World Investors’ holdings in Adobe were worth $68,759,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter valued at about $35,000. Hanseatic Management Services Inc. acquired a new position in Adobe during the third quarter worth approximately $45,000. BKM Wealth Management LLC purchased a new position in Adobe during the fourth quarter worth approximately $65,000. First United Bank & Trust acquired a new position in shares of Adobe in the 4th quarter valued at $74,000. Finally, Fortitude Family Office LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $75,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday. KeyCorp assumed coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Finally, Mizuho reiterated a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $612.79.

Read Our Latest Stock Analysis on ADBE

Adobe Trading Up 1.6 %

Shares of NASDAQ ADBE opened at $465.43 on Friday. Adobe Inc. has a 12-month low of $423.58 and a 12-month high of $638.25. The company has a market cap of $208.51 billion, a price-to-earnings ratio of 44.50, a price-to-earnings-growth ratio of 2.47 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $476.71 and its 200 day simple moving average is $546.22.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business posted $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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