Adobe Inc. (NASDAQ:ADBE) Shares Bought by Metis Global Partners LLC

Metis Global Partners LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,120 shares of the software company’s stock after buying an additional 2,138 shares during the quarter. Adobe makes up about 0.6% of Metis Global Partners LLC’s holdings, making the stock its 25th largest position. Metis Global Partners LLC’s holdings in Adobe were worth $15,583,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. One Charles Private Wealth Services LLC grew its position in shares of Adobe by 2.2% during the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC grew its position in Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC increased its stake in shares of Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management raised its holdings in shares of Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 2.0 %

Shares of ADBE traded up $9.61 during mid-day trading on Friday, reaching $486.18. The company’s stock had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. The company has a market cap of $217.81 billion, a price-to-earnings ratio of 46.48, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The business has a fifty day moving average of $508.34 and a 200 day moving average of $561.78. 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 1 year low of $331.89 and a 1 year high of $638.25.

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

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s 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 transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated 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 owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction 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 the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 in the last three months. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ADBE. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. UBS Group reduced their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Wells Fargo & Company reduced their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.