Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by G&S Capital LLC

G&S Capital LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 78.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 984 shares of the software company’s stock after selling 3,535 shares during the quarter. G&S Capital LLC’s holdings in Adobe were worth $497,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADBE. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter worth $3,277,785,000. Wellington Management Group LLP boosted its position in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Adobe in the fourth quarter worth $875,592,000. Price T Rowe Associates Inc. MD boosted its position in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after purchasing an additional 307,479 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 0.3 %

NASDAQ ADBE opened at $528.66 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $480.67 and its two-hundred day moving average is $536.04. The company has a market capitalization of $236.84 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 2.75 and a beta of 1.27. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $3.04 earnings per share. Equities 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 program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,270 shares of company stock valued at $1,563,166 in the last three months. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Citigroup reduced their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. HSBC reduced their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe 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.