Crew Capital Management Ltd. Sells 2,059 Shares of Adobe Inc. (NASDAQ:ADBE)

Crew Capital Management Ltd. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 85.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 364 shares of the software company’s stock after selling 2,059 shares during the quarter. Crew Capital Management Ltd.’s holdings in Adobe were worth $217,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Concentrum Wealth Management raised its position in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Adobe in the 4th quarter valued at $875,592,000. Invesco Ltd. raised its position in Adobe by 25.1% in the 3rd 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 last quarter. Jennison Associates LLC raised its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in Adobe in the 3rd quarter valued at $152,970,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies reduced their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 293 shares of company stock valued at $137,656. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $4.49 during trading hours on Monday, reaching $473.07. 2,953,374 shares of the stock traded hands, compared to its average volume of 3,491,388. The company has a market capitalization of $211.94 billion, a P/E ratio of 45.74, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. 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 Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company’s 50-day simple moving average is $515.34 and its two-hundred day simple moving average is $564.66.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company 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%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $2.97 EPS. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are 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.