Ninety One UK Ltd Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Ninety One UK Ltd reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 16.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,481 shares of the software company’s stock after selling 8,441 shares during the quarter. Ninety One UK Ltd’s holdings in Adobe were worth $25,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Iron Horse Wealth Management LLC bought a new position in Adobe in the third quarter valued at $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates increased its position in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in Adobe in the 4th quarter worth approximately $35,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ADBE shares. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Wells Fargo & Company reduced their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Barclays cut their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock worth $1,848,418 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 0.3 %

Shares of NASDAQ ADBE opened at $473.18 on Friday. The firm’s 50 day moving average price is $530.33 and its 200-day moving average price is $566.32. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $211.98 billion, a PE ratio of 45.24, a P/E/G ratio of 2.57 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its 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 during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board 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.