Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bedrijfstakpensioenfonds Voor DE Media PNO

Bedrijfstakpensioenfonds Voor DE Media PNO lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,750 shares of the software company's stock after selling 4,000 shares during the quarter. Adobe makes up about 2.4% of Bedrijfstakpensioenfonds Voor DE Media PNO's investment portfolio, making the stock its 15th largest holding. Bedrijfstakpensioenfonds Voor DE Media PNO's holdings in Adobe were worth $18,572,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC acquired a new position in Adobe in the third quarter worth $25,000. Global Wealth Strategies & Associates boosted its holdings in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company's stock valued at $27,000 after acquiring an additional 19 shares during the period. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company's stock valued at $28,000 after acquiring an additional 40 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter valued at $35,000. Finally, BluePath Capital Management LLC acquired a new position in shares of Adobe during the third quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

Shares of ADBE stock traded up $4.12 during trading hours on Friday, reaching $477.56. 2,460,261 shares of the company's stock were exchanged, compared to its average volume of 2,815,745. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The business has a fifty day moving average price of $515.34 and a 200-day moving average price of $564.55. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS 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 prior year, the company posted $2.97 earnings per share. Analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on ADBE. Barclays cut their price objective on shares of Adobe from $700.00 to $630.00 and set an "overweight" rating on the stock in a research note on Friday, March 15th. DA Davidson restated a "buy" rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They set an "underweight" rating and a $445.00 price objective on the stock. Bank of America cut their price objective on shares of Adobe from $700.00 to $640.00 and set a "buy" rating on the stock in a research note on Friday, March 15th. Finally, BNP Paribas cut shares of Adobe from a "neutral" rating to an "underperform" rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $620.72.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company's stock in a transaction 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, 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 value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company's 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 $1,933,596.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by corporate insiders.

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.

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