Chase Investment Counsel Corp Takes Position in Adobe Inc. (NASDAQ:ADBE)

Chase Investment Counsel Corp purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,097 shares of the software company’s stock, valued at approximately $654,000.

Other large investors have also recently made changes to their positions in the company. Concentrum Wealth Management raised its position in shares of Adobe by 17,006.8% in 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. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the 4th quarter worth about $875,592,000. Invesco Ltd. lifted its position 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 acquiring an additional 889,607 shares during the period. Jennison Associates LLC boosted its stake 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 in the last quarter. Finally, Alkeon Capital Management LLC bought a new position in shares of Adobe during the third quarter valued at approximately $152,970,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.1 %

Shares of NASDAQ:ADBE traded down $0.38 on Monday, reaching $477.18. The company had a trading volume of 872,202 shares, compared to its average volume of 3,465,652. The firm’s 50 day simple moving average is $515.34 and its 200-day simple moving average is $564.66. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. 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 firm has a market capitalization of $213.78 billion, a PE ratio of 45.74, a PEG ratio of 2.59 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 for the quarter, beating 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 company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. Robert W. Baird lowered their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, UBS Group lowered their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In related 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 value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 over the last 90 days. 0.15% of the stock is currently owned by corporate 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.