Vestmark Advisory Solutions Inc. Has $5.40 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Vestmark Advisory Solutions Inc. cut its position in Adobe Inc. (NASDAQ:ADBE) by 9.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,044 shares of the software company’s stock after selling 920 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Adobe were worth $5,396,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Morgan Stanley boosted its stake in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares during the period. Northern Trust Corp grew its stake in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares during the last quarter. Jennison Associates LLC increased its position in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after acquiring an additional 498,957 shares during the period. Fisher Asset Management LLC increased its position in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Invesco Ltd. raised its stake in Adobe by 25.1% during 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 last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded up $9.61 on Friday, hitting $486.18. 2,833,186 shares of the company were exchanged, compared to its average volume of 2,940,603. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a 50 day moving average of $508.34 and a two-hundred day moving average of $561.74. 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 $217.81 billion, a P/E ratio of 46.48, a P/E/G ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 earnings per share. On average, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has authorized a stock repurchase 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 buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s 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 completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction 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 $10,014,370.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a report on Thursday, January 18th. Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. UBS Group decreased their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.