Callan Capital LLC Trims Position in Adobe Inc. (NASDAQ:ADBE)

Callan Capital LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,475 shares of the software company’s stock after selling 28 shares during the quarter. Callan Capital LLC’s holdings in Adobe were worth $1,477,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Concentrum Wealth Management grew its holdings in shares of Adobe by 17,006.8% during the third 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 purchased a new position in Adobe in the 4th quarter valued at $875,592,000. Invesco Ltd. lifted its holdings in 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 acquiring an additional 889,607 shares during the period. Jennison Associates LLC raised its stake in 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 last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in Adobe in the 3rd quarter valued at about $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.9 %

Shares of ADBE stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The business’s 50 day simple moving average is $515.34 and its 200 day simple moving average is $564.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating 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 business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the business earned $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. 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. Barclays decreased their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on 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 sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders sold 293 shares of company stock valued at $137,656. 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.