Adobe Inc. (NASDAQ:ADBE) Shares Sold by Deane Retirement Strategies Inc.

Deane Retirement Strategies Inc. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 79.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,432 shares of the software company’s stock after selling 5,630 shares during the quarter. Deane Retirement Strategies Inc.’s holdings in Adobe were worth $854,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at $1,757,029,000. Moneta Group Investment Advisors LLC raised its position in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after acquiring an additional 3,245,427 shares during the period. Concentrum Wealth Management boosted its stake 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 acquiring an additional 2,148,978 shares in the last quarter. Morgan Stanley grew its position in shares of Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Finally, Invesco Ltd. increased its stake 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 in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADBE. Stifel Nicolaus decreased their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Wednesday. TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday. Finally, BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 0.5 %

Shares of ADBE stock traded down $2.59 on Thursday, hitting $501.81. 1,305,249 shares of the stock were exchanged, compared to its average volume of 3,638,210. The firm has a market capitalization of $227.09 billion, a P/E ratio of 48.02, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29. The business has a 50-day moving average of $573.39 and a 200 day moving average of $571.57. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week 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. The business had revenue of $5.18 billion for 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 quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.57 EPS for the current year.

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

Insider Activity

In related news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is owned by company insiders.

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.