Private Advisor Group LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Private Advisor Group LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,748 shares of the software company’s stock after selling 4,144 shares during the quarter. Private Advisor Group LLC’s holdings in Adobe were worth $13,572,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. Pinnacle West Asset Management Inc. boosted its position in shares of Adobe by 8.3% in the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after purchasing an additional 90 shares in the last quarter. BluePath Capital Management LLC acquired a new position in Adobe in the third quarter valued at approximately $39,000. Mackenzie Financial Corp grew its position in Adobe by 9.7% during the third quarter. Mackenzie Financial Corp now owns 88,800 shares of the software company’s stock valued at $45,024,000 after buying an additional 7,848 shares during the period. Farmers & Merchants Investments Inc. increased its stake in shares of Adobe by 5.8% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 384 shares of the software company’s stock valued at $196,000 after purchasing an additional 21 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Adobe by 15.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 586,363 shares of the software company’s stock worth $298,986,000 after buying an additional 77,277 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded up $1.20 on Tuesday, reaching $494.79. The company’s stock had a trading volume of 1,135,004 shares, compared to its average volume of 3,415,032. 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 firm has a market cap of $221.67 billion, a PE ratio of 47.34, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The business has a 50-day moving average price of $507.00 and a 200 day moving average price of $561.34.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.97 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were 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 owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last 90 days. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

About Adobe

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.