Factory Mutual Insurance Co. Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Factory Mutual Insurance Co. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,550 shares of the software company’s stock after selling 1,100 shares during the quarter. Factory Mutual Insurance Co.’s holdings in Adobe were worth $34,086,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ADBE. One Charles Private Wealth Services LLC increased its position in shares of Adobe by 2.2% during the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares during the period. Invst LLC grew its holdings in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. raised its position in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares in the last quarter. Lantz Financial LLC lifted its stake in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management boosted its position in shares of Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of ADBE traded down $1.11 on Tuesday, reaching $523.06. The company’s stock had a trading volume of 1,399,654 shares, compared to its average volume of 3,559,409. The stock’s 50 day simple moving average is $479.66 and its two-hundred day simple moving average is $536.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The stock has a market capitalization of $234.33 billion, a P/E ratio of 47.43, a PEG ratio of 2.78 and a beta of 1.27. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the company posted $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,270 shares of company stock valued at $1,563,166. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup lowered their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. BMO Capital Markets lifted their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Check Out Our Latest Report on ADBE

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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