Adobe Inc. (NASDAQ:ADBE) Shares Sold by C WorldWide Group Holding A S

C WorldWide Group Holding A S cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 730,695 shares of the software company’s stock after selling 87,764 shares during the quarter. Adobe comprises 5.9% of C WorldWide Group Holding A S’s holdings, making the stock its 6th biggest position. C WorldWide Group Holding A S owned approximately 0.16% of Adobe worth $435,933,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Concentrum Wealth Management boosted its position in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Adobe during the 4th quarter worth approximately $875,592,000. Invesco Ltd. boosted its position in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at approximately $152,970,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird cut their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. TD Cowen cut their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock worth $137,656 over the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Trading Up 0.9 %

Shares of ADBE stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the stock traded hands, compared to its average volume of 2,815,745. The stock’s fifty day simple moving average is $515.34 and its two-hundred day simple moving average is $564.33. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a market cap of $213.95 billion, a price-to-earnings ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.