Benjamin Edwards Inc. Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Benjamin Edwards Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 47.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,207 shares of the software company’s stock after selling 1,072 shares during the quarter. Benjamin Edwards Inc.’s holdings in Adobe were worth $720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Morgan Stanley lifted its position in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp lifted its holdings in Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Jennison Associates LLC boosted 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 worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. Fisher Asset Management LLC grew its holdings in Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 2.0 %

Shares of ADBE traded up $9.61 during mid-day trading on Friday, hitting $486.18. 2,832,702 shares of the company’s stock traded hands, compared to its average volume of 3,457,650. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $217.81 billion, a P/E ratio of 46.48, a PEG ratio of 2.54 and a beta of 1.28. The business’s 50-day moving average price is $509.68 and its 200-day moving average price is $562.19. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research report on Thursday, January 18th. Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. KeyCorp initiated coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. Finally, DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 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.