Adobe Inc. (NASDAQ:ADBE) is Trivest Advisors Ltd's 4th Largest Position

Trivest Advisors Ltd increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 71.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 305,895 shares of the software company's stock after purchasing an additional 127,895 shares during the period. Adobe makes up 8.3% of Trivest Advisors Ltd's portfolio, making the stock its 4th largest holding. Trivest Advisors Ltd owned about 0.07% of Adobe worth $182,497,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. Pinnacle West Asset Management Inc. boosted its stake in shares of Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company's stock worth $602,000 after purchasing an additional 90 shares during the period. Perigon Wealth Management LLC lifted its holdings in Adobe by 4.9% during the 3rd quarter. Perigon Wealth Management LLC now owns 10,846 shares of the software company's stock valued at $5,530,000 after buying an additional 503 shares in the last quarter. Arete Wealth Advisors LLC lifted its holdings in Adobe by 5.2% during the 3rd quarter. Arete Wealth Advisors LLC now owns 1,583 shares of the software company's stock valued at $807,000 after buying an additional 78 shares in the last quarter. First Citizens Bank & Trust Co. lifted its holdings in Adobe by 453.0% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 9,617 shares of the software company's stock valued at $4,904,000 after buying an additional 7,878 shares in the last quarter. Finally, Stableford Capital II LLC bought a new stake in Adobe during the 3rd quarter valued at about $795,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Adobe stock traded down $0.36 during mid-day trading on Friday, reaching $482.29. 2,741,116 shares of the company traded hands, compared to its average volume of 2,715,371. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market capitalization of $216.07 billion, a price-to-earnings ratio of 46.11, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28. The firm's fifty day moving average is $501.20 and its two-hundred day moving average is $559.68.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly 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. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.97 EPS. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price objective on shares of Adobe from $690.00 to $675.00 and set an "overweight" rating for the company in a report on Friday, March 15th. UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a "neutral" rating for the company in a report on Friday, March 15th. Piper Sandler restated an "overweight" rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an "outperform" rating for the company in a report on Friday, March 15th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $620.72.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the 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 sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company's stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 over the last 90 days. 0.15% of the stock is currently owned by company 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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