V Square Quantitative Management LLC Has $5.15 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

V Square Quantitative Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 24.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,203 shares of the software company's stock after buying an additional 1,982 shares during the period. Adobe makes up approximately 0.9% of V Square Quantitative Management LLC's portfolio, making the stock its 16th biggest position. V Square Quantitative Management LLC's holdings in Adobe were worth $5,148,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle West Asset Management Inc. raised its holdings in shares of Adobe by 8.3% in the third quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company's stock valued at $602,000 after purchasing an additional 90 shares during the last quarter. WealthPlan Investment Management LLC increased its position in shares of Adobe by 223,500.0% during the third quarter. WealthPlan Investment Management LLC now owns 4,472 shares of the software company's stock valued at $2,280,000 after acquiring an additional 4,470 shares during the last quarter. Pittenger & Anderson Inc. lifted its holdings in Adobe by 8.6% during the third quarter. Pittenger & Anderson Inc. now owns 2,138 shares of the software company's stock worth $1,090,000 after acquiring an additional 170 shares during the period. Duality Advisers LP purchased a new position in Adobe in the third quarter worth $1,363,000. Finally, Venturi Wealth Management LLC grew its stake in Adobe by 7.2% in the 3rd quarter. Venturi Wealth Management LLC now owns 415 shares of the software company's stock valued at $212,000 after purchasing an additional 28 shares during the period. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded down $2.84 on Tuesday, hitting $481.85. 1,914,969 shares of the company traded hands, compared to its average volume of 3,347,391. The firm's 50-day simple moving average is $490.68 and its 200 day simple moving average is $557.34. Adobe Inc. has a 12-month low of $361.72 and a 12-month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $215.87 billion, a P/E ratio of 46.07, a P/E/G ratio of 2.62 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for 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%. The company's revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADBE. HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a "hold" rating on the stock in a research note on Friday, March 15th. Bank of America decreased their price target on shares of Adobe from $700.00 to $640.00 and set a "buy" rating for the company in a research note on Friday, March 15th. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $600.00 to $570.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, March 15th. Finally, UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a "neutral" rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Adobe presently has an average rating of "Moderate Buy" and an average price target of $620.72.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on 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 of the company's stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm's stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred 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 directly owns 21,114 shares of the company's stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by insiders.

About Adobe

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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