Twin Capital Management Inc. Sells 225 Shares of Adobe Inc. (NASDAQ:ADBE)

Twin Capital Management Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,213 shares of the software company’s stock after selling 225 shares during the period. Adobe makes up 0.8% of Twin Capital Management Inc.’s portfolio, making the stock its 19th biggest position. Twin Capital Management Inc.’s holdings in Adobe were worth $6,093,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Delta Financial Advisors LLC increased its holdings in shares of Adobe by 25.7% during the 4th quarter. Delta Financial Advisors LLC now owns 1,115 shares of the software company’s stock worth $665,000 after acquiring an additional 228 shares during the last quarter. Dock Street Asset Management Inc. lifted its position in shares of Adobe by 1.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 28,658 shares of the software company’s stock worth $17,097,000 after buying an additional 402 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Adobe by 2.3% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,733 shares of the software company’s stock worth $8,790,000 after purchasing an additional 326 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Adobe by 14.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 79,385 shares of the software company’s stock worth $47,360,000 after purchasing an additional 10,261 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. 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 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,075 shares of company stock valued at $1,848,418. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.0 %

Shares of NASDAQ ADBE traded down $0.12 during midday trading on Thursday, reaching $474.33. 1,035,482 shares of the stock were exchanged, compared to its average volume of 3,557,331. The company has a 50 day simple moving average of $533.19 and a 200 day simple moving average of $566.97. The stock has a market capitalization of $212.50 billion, a P/E ratio of 45.55, a PEG ratio of 2.58 and a beta of 1.28. 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 Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has authorized a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several recent research reports. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JPMorgan Chase & Co. reduced their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. TD Cowen dropped their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note 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 note on Thursday, January 18th. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.