Adobe Inc. $ADBE Shares Purchased by Allstate Corp

Key Points

• Allstate Corp increased its stake in Adobe by 104.2% in the fourth quarter, buying 16,237 additional shares and lifting its total holdings to 31,815 shares valued at about $11.1 million.
• Adobe’s stock has mixed sentiment from analysts and insiders: several analysts have cut targets or issued cautious ratings, while insiders sold a total of 77,091 shares over the last three months.
• The company continues to show solid fundamentals and shareholder returns, reporting better-than-expected quarterly earnings and revenue, and authorizing a new $25 billion share buyback program.

Allstate Corp raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 104.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,815 shares of the software company's stock after purchasing an additional 16,237 shares during the period. Allstate Corp's holdings in Adobe were worth $11,135,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ADBE. Brighton Jones LLC raised its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Sivia Capital Partners LLC raised its position in shares of Adobe by 25.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,394 shares of the software company's stock valued at $926,000 after purchasing an additional 486 shares in the last quarter. United Bank raised its position in shares of Adobe by 12.8% in the 2nd quarter. United Bank now owns 3,773 shares of the software company's stock valued at $1,460,000 after purchasing an additional 428 shares in the last quarter. Schnieders Capital Management LLC. raised its position in shares of Adobe by 7.8% in the 2nd quarter. Schnieders Capital Management LLC. now owns 2,630 shares of the software company's stock valued at $1,017,000 after purchasing an additional 190 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its position in shares of Adobe by 190.6% in the 2nd quarter. Gamco Investors INC. ET AL now owns 2,764 shares of the software company's stock valued at $1,069,000 after purchasing an additional 1,813 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 1,336 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $248.02, for a total value of $331,354.72. Following the completion of the transaction, the chief financial officer owned 42,833 shares of the company's stock, valued at approximately $10,623,440.66. This represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 755 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $246.25, for a total value of $185,918.75. Following the completion of the transaction, the chief accounting officer directly owned 3,521 shares of the company's stock, valued at approximately $867,046.25. The trade was a 17.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 77,091 shares of company stock worth $18,782,773 in the last three months. 0.20% of the stock is owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Wells Fargo & Company dropped their price target on Adobe from $420.00 to $405.00 and set an "overweight" rating on the stock in a research report on Monday, March 9th. The Goldman Sachs Group dropped their price target on Adobe from $290.00 to $220.00 and set a "sell" rating on the stock in a research report on Friday, March 13th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of Adobe in a research report on Friday, March 13th. KeyCorp dropped their price target on Adobe from $310.00 to $235.00 and set an "underweight" rating on the stock in a research report on Friday, March 13th. Finally, Sanford C. Bernstein set a $447.00 price target on Adobe and gave the company an "outperform" rating in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seventeen have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $338.15.

Adobe Price Performance

Shares of ADBE opened at $244.76 on Tuesday. The company has a market cap of $98.93 billion, a P/E ratio of 14.26, a PEG ratio of 0.95 and a beta of 1.42. The stock has a fifty day moving average price of $244.55 and a 200 day moving average price of $286.47. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91. Adobe Inc. has a 12 month low of $224.13 and a 12 month high of $421.48.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, topping analysts' consensus estimates of $5.87 by $0.19. The firm had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.28 billion. Adobe had a return on equity of 64.48% and a net margin of 29.48%.The firm's revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.08 EPS. Adobe has set its FY 2026 guidance at 23.300-23.500 EPS and its Q2 2026 guidance at 5.800-5.850 EPS. On average, research analysts forecast that Adobe Inc. will post 19.14 earnings per share for the current year.

Adobe declared that its board has initiated a stock buyback program on Tuesday, April 21st that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 24.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

About Adobe

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company's core offerings are organized around digital media and digital experience.

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.