Ghe LLC Sells 45 Shares of Adobe Inc. (NASDAQ:ADBE)

Ghe LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% during the fourth quarter, HoldingsChannel reports. The firm owned 22,336 shares of the software company’s stock after selling 45 shares during the quarter. Adobe comprises about 8.1% of Ghe LLC’s holdings, making the stock its 2nd largest holding. Ghe LLC’s holdings in Adobe were worth $13,326,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ADBE. Morgan Stanley raised its holdings in 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 acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp raised its holdings in Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Jennison Associates LLC raised its holdings in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Invesco Ltd. raised 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 in the last quarter. Finally, Concentrum Wealth Management raised its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ADBE shares. Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Piper Sandler Companies lowered their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Finally, UBS Group lowered their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company 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 company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were 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 of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were 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 of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders sold 984 shares of company stock valued at $577,171. 0.15% of the stock is owned by insiders.

Adobe Price Performance

ADBE traded up $4.22 on Wednesday, reaching $477.12. The company had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. The company has a fifty day moving average of $519.06 and a 200-day moving average of $565.33. The company has a market capitalization of $213.75 billion, a P/E ratio of 45.61, a PEG ratio of 2.53 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. Adobe’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.