Adobe Inc. (NASDAQ:ADBE) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,845 shares of the software company’s stock after selling 1,073 shares during the period. State of Alaska Department of Revenue’s holdings in Adobe were worth $26,869,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Northcape Capital Pty Ltd lifted its position in shares of Adobe by 48.2% during the 4th quarter. Northcape Capital Pty Ltd now owns 5,736 shares of the software company’s stock valued at $1,930,000 after acquiring an additional 1,865 shares during the period. DNB Asset Management AS lifted its position in shares of Adobe by 5.6% during the 4th quarter. DNB Asset Management AS now owns 195,803 shares of the software company’s stock valued at $65,894,000 after acquiring an additional 10,471 shares during the period. My Personal CFO LLC acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $45,000. North Star Investment Management Corp. lifted its position in shares of Adobe by 3.6% during the 4th quarter. North Star Investment Management Corp. now owns 1,280 shares of the software company’s stock valued at $431,000 after acquiring an additional 44 shares during the period. Finally, Old Port Advisors acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $206,000. 79.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Piper Sandler restated an “overweight” rating and set a $415.00 price objective on shares of Adobe in a research report on Thursday. UBS Group lifted their price objective on Adobe from $350.00 to $400.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 15th. Wolfe Research cut their price objective on Adobe from $440.00 to $420.00 in a research report on Thursday. Wells Fargo & Company lifted their price objective on Adobe from $350.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Stifel Nicolaus lifted their price objective on Adobe from $375.00 to $400.00 in a research report on Friday, December 16th. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Hold” and an average price target of $415.70.

Adobe Stock Up 1.4 %

Adobe stock traded up $4.85 during trading on Friday, reaching $358.14. 6,725,352 shares of the company’s stock were exchanged, compared to its average volume of 3,588,007. The company’s 50-day moving average is $353.24 and its two-hundred day moving average is $333.90. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.12. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $473.49. The firm has a market cap of $164.24 billion, a price-to-earnings ratio of 35.28, a PEG ratio of 2.21 and a beta of 1.27.

Adobe (NASDAQ:ADBE – Get Rating) last announced its quarterly earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. Adobe had a net margin of 26.32% and a return on equity of 36.53%. The firm had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same period in the prior year, the company earned $2.84 EPS. The firm’s revenue was up 9.2% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 12.26 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total value of $1,690,714.74. Following the completion of the transaction, the executive vice president now directly owns 14,832 shares of the company’s stock, valued at approximately $4,997,345.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Scott Belsky sold 2,906 shares of the company’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $1,032,850.52. Following the sale, the executive vice president now owns 26,475 shares in the company, valued at approximately $9,409,744.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the sale, the executive vice president now owns 14,832 shares in the company, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. Insiders sold a total of 26,265 shares of company stock valued at $9,067,344 in the last ninety days. Insiders own 0.24% of the company’s stock.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.