C WorldWide Group Holding A S Trims Position in Adobe Inc. (NASDAQ:ADBE)

C WorldWide Group Holding A S trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 10.7% during the 4th quarter, HoldingsChannel reports. The firm owned 730,695 shares of the software company’s stock after selling 87,764 shares during the quarter. Adobe accounts for about 5.9% of C WorldWide Group Holding A S’s investment portfolio, making the stock its 6th largest holding. C WorldWide Group Holding A S’s holdings in Adobe were worth $435,933,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Rockland Trust Co. increased its stake in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares during the last quarter. Federated Hermes Inc. increased its stake in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its stake in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC bought a new stake in Adobe during the third quarter worth approximately $4,141,000. Finally, Guinness Asset Management LTD increased its stake in Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on ADBE. TD Cowen dropped 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. Robert W. Baird dropped their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, KeyCorp assumed coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company presently 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 dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now 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 news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now 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 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of Adobe stock traded up $4.12 on Friday, hitting $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. The stock has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company has a 50-day moving average price of $515.34 and a 200 day moving average price of $564.33. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued 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 for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Adobe Company 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.