Adobe Inc. (NASDAQ:ADBE) Shares Sold by Zevenbergen Capital Investments LLC

Zevenbergen Capital Investments LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,200 shares of the software company's stock after selling 6,800 shares during the period. Zevenbergen Capital Investments LLC's holdings in Adobe were worth $34,722,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barlow Wealth Partners Inc. bought a new position in Adobe in the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. boosted its position in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company's stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC grew its stake in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company's stock valued at $1,252,000 after acquiring an additional 184 shares in the last quarter. Team Hewins LLC bought a new stake in Adobe in the 3rd quarter valued at $4,141,000. Finally, Vise Technologies Inc. lifted its stake in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company's stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm's stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm's stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company's stock, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company's stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following 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. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADBE. Mizuho reiterated a "buy" rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. dropped their target price on Adobe from $600.00 to $570.00 and set a "neutral" rating for the company in a report on Friday, March 15th. Robert W. Baird lowered their price target on Adobe from $590.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, March 15th. 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 report on Friday, March 15th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average price target of $620.72.

Adobe Stock Up 0.1 %

NASDAQ ADBE traded up $0.55 during midday trading on Friday, hitting $483.43. 2,261,147 shares of the company traded hands, compared to its average volume of 2,689,464. Adobe Inc. has a 52 week low of $356.45 and a 52 week high of $638.25. The company's 50-day simple moving average is $494.14 and its 200-day simple moving average is $558.34. The company has a market cap of $216.58 billion, a PE ratio of 46.22, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. 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 (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts' consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.97 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

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.