Phraction Management LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Phraction Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 38.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,030 shares of the software company’s stock after selling 1,259 shares during the period. Adobe makes up about 0.5% of Phraction Management LLC’s holdings, making the stock its 27th largest holding. Phraction Management LLC’s holdings in Adobe were worth $1,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Morgan Stanley grew its holdings in shares of Adobe by 2.7% in the third 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 in the last quarter. Northern Trust Corp boosted its stake in Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 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 buying an additional 498,957 shares during the period. Invesco Ltd. boosted its stake in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares during the period. Finally, Concentrum Wealth Management boosted its stake in 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 during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded up $4.41 during trading hours on Wednesday, reaching $467.24. The company had a trading volume of 829,444 shares, compared to its average volume of 3,455,503. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a market cap of $209.32 billion, a PE ratio of 44.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The business’s 50 day moving average price is $512.29 and its 200-day moving average price is $563.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during 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%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 EPS. Research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. TD Cowen decreased their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, UBS Group decreased their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of 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. Insiders sold a total of 293 shares of company stock valued at $137,656 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Profile

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.