SageView Advisory Group LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

SageView Advisory Group LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 57.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,409 shares of the software company’s stock after acquiring an additional 2,328 shares during the quarter. SageView Advisory Group LLC’s holdings in Adobe were worth $4,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth about $3,277,785,000. Concentrum Wealth Management boosted its holdings in shares of Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $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 shares of Adobe in the 4th quarter valued at about $875,592,000. Invesco Ltd. boosted its position in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new position in Adobe in the third quarter valued at $152,970,000. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In related 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now 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 accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’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 owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 over the last ninety days. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. JPMorgan Chase & Co. cut their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Two 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 0.7 %

Adobe stock traded down $3.49 during trading hours on Friday, hitting $479.82. The company had a trading volume of 1,423,351 shares, compared to its average volume of 3,302,072. 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 firm has a market cap of $214.96 billion, a P/E ratio of 45.63, a P/E/G ratio of 2.62 and a beta of 1.28. The company has a 50-day moving average price of $487.14 and a two-hundred day moving average price of $556.32. Adobe Inc. has a 1 year low of $374.09 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during 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%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has approved a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management 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.