Adobe Inc. (NASDAQ:ADBE) Stock Position Trimmed by Yousif Capital Management LLC

Yousif Capital Management LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 4th quarter, HoldingsChannel reports. The firm owned 62,251 shares of the software company’s stock after selling 817 shares during the quarter. Adobe makes up about 0.4% of Yousif Capital Management LLC’s investment portfolio, making the stock its 25th largest position. Yousif Capital Management LLC’s holdings in Adobe were worth $37,139,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADBE. Concentrum Wealth Management raised its position in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Adobe in the 4th quarter valued at $875,592,000. Invesco Ltd. boosted its position in shares of Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares during the period. Jennison Associates LLC boosted its position in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $152,970,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE traded up $6.01 during midday trading on Tuesday, reaching $472.90. The company’s stock had a trading volume of 2,200,448 shares, compared to its average volume of 3,540,307. The stock has a market cap of $211.86 billion, a P/E ratio of 45.21, a PEG ratio of 2.52 and a beta of 1.28. The company has a fifty day simple moving average of $521.61 and a 200 day simple moving average of $565.95. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its 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. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm posted $2.97 EPS. The company’s revenue was up 11.3% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ADBE. Robert W. Baird decreased 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. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued 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, CAO Mark S. Garfield sold 96 shares of Adobe 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 3,175 shares of company stock valued at $1,895,518. 0.15% of the stock is owned by corporate 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.