Swiss National Bank Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Swiss National Bank decreased its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,423,700 shares of the software company’s stock after selling 42,500 shares during the quarter. Adobe comprises about 0.6% of Swiss National Bank’s portfolio, making the stock its 22nd largest holding. Swiss National Bank’s holdings in Adobe were worth $849,379,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in ADBE. Concentrum Wealth Management grew its holdings in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Adobe during the 4th quarter valued at approximately $875,592,000. Invesco Ltd. grew its holdings in shares of Adobe by 25.1% in the third 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 in the last quarter. Jennison Associates LLC increased its position in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in Adobe during the third quarter valued at $152,970,000. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Anil Chakravarthy sold 100 shares of Adobe 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 transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $45,435.77. Following the completion of the sale, the chief accounting officer now 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 293 shares of company stock valued at $137,656 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Up 0.8 %

Adobe stock traded up $3.79 during trading hours on Thursday, reaching $473.18. The stock had a trading volume of 1,018,192 shares, compared to its average volume of 3,446,780. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a market cap of $211.98 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 2.51 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. The business’s 50 day moving average price is $510.90 and its 200-day moving average price is $562.78.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. TD Cowen dropped their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Piper Sandler Companies lowered their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. KeyCorp started coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Check Out Our Latest Analysis on Adobe

Adobe Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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