Stonegate Investment Group LLC Has $4.58 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Stonegate Investment Group LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,079 shares of the software company’s stock after purchasing an additional 1,110 shares during the period. Stonegate Investment Group LLC’s holdings in Adobe were worth $4,581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Morgan Stanley grew its position in Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after buying an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter valued at about $3,277,785,000. Northern Trust Corp boosted its position in shares of Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.2 %

ADBE traded down $10.24 during midday trading on Tuesday, hitting $462.83. The company had a trading volume of 3,221,321 shares, compared to its average volume of 3,488,144. The company has a market capitalization of $207.35 billion, a price-to-earnings ratio of 44.25, a PEG ratio of 2.59 and a beta of 1.28. The stock’s 50 day moving average price is $512.29 and its 200 day moving average price is $563.44. 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 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 business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business earned $2.97 EPS. The firm’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 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently weighed in on ADBE shares. Barclays reduced their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. lowered their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insiders Place Their Bets

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

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.