National Pension Service Purchases 14,656 Shares of Adobe Inc. (NASDAQ:ADBE)

National Pension Service lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 748,264 shares of the software company's stock after purchasing an additional 14,656 shares during the period. Adobe accounts for about 0.6% of National Pension Service's investment portfolio, making the stock its 22nd biggest position. National Pension Service owned approximately 0.17% of Adobe worth $446,414,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the third quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC purchased a new position in Adobe during the third quarter worth about $39,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe in the 3rd quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $52,000. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a "buy" rating on the stock in a report on Friday, March 15th. Wells Fargo & Company decreased their price target on Adobe from $690.00 to $675.00 and set an "overweight" rating for the company in a report on Friday, March 15th. Mizuho reiterated a "buy" rating and issued a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson restated a "buy" rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Finally, Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $620.72.

Adobe Stock Down 1.1 %

ADBE stock traded down $5.45 during midday trading on Thursday, hitting $482.65. 2,299,340 shares of the company's stock were exchanged, compared to its average volume of 3,404,946. The stock has a market capitalization of $216.23 billion, a price-to-earnings ratio of 46.14, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The firm has a 50 day moving average price of $504.52 and a 200-day moving average price of $560.49. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $2.97 EPS. The company's revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the company's stock in a transaction 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Scott Belsky sold 2,713 shares of the company's stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company's stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the business's stock in a transaction dated Tuesday, April 16th. The shares were 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,006 shares of company stock valued at $1,424,432. Company insiders own 0.15% of the company's stock.

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.