Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 44.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 477 shares of the software company’s stock after selling 381 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Adobe were worth $241,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Morgan Stanley grew its position in Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares during the period. Norges Bank acquired a new stake in Adobe during the 4th quarter valued at $3,277,785,000. Fisher Asset Management LLC increased its stake in Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after buying an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Adobe by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after buying an additional 66,180 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. Mizuho restated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Sanford C. Bernstein upped their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. Finally, Wells Fargo & Company upped their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 3,270 shares of company stock worth $1,563,166 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE opened at $528.66 on Thursday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $236.84 billion, a PE ratio of 47.50, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27. The business’s 50 day moving average is $480.67 and its 200-day moving average is $536.04. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 EPS. On average, analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has approved a stock repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors 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.