Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 39,751 shares of the software company’s stock after acquiring an additional 1,602 shares during the period. Adobe comprises about 0.6% of Elo Mutual Pension Insurance Co’s portfolio, making the stock its 29th biggest position. Elo Mutual Pension Insurance Co’s holdings in Adobe were worth $23,715,000 as of its most recent SEC filing.

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

Adobe Price Performance

Shares of NASDAQ ADBE traded up $7.30 during trading on Friday, hitting $465.43. The company had a trading volume of 2,684,170 shares, compared to its average volume of 3,017,338. Adobe Inc. has a 52 week low of $423.58 and a 52 week high of $638.25. The business’s 50-day moving average is $476.71 and its 200 day moving average is $545.77. The company has a market cap of $208.51 billion, a P/E ratio of 44.50, a PEG ratio of 2.52 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its earnings results 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 business had revenue of $5.18 billion during 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%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.97 earnings per share. Equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have commented on ADBE. Barclays decreased their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, BMO Capital Markets lowered their price objective on Adobe from $610.00 to $525.00 and set an “outperform” rating for the company in a research note on Thursday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $612.79.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on 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 owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction 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 owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value 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 a total of 3,006 shares of company stock worth $1,424,432 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Adobe Company 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.