Adobe Inc. (NASDAQ:ADBE) Shares Sold by DSM Capital Partners LLC

DSM Capital Partners LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 4.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 644,827 shares of the software company’s stock after selling 29,146 shares during the period. Adobe makes up approximately 5.9% of DSM Capital Partners LLC’s portfolio, making the stock its 6th biggest position. DSM Capital Partners LLC’s holdings in Adobe were worth $384,704,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter worth $35,000. Hanseatic Management Services Inc. bought a new stake in Adobe in the third quarter valued at $45,000. First Command Advisory Services Inc. acquired a new position in shares of Adobe during the third quarter valued at $52,000. Finally, Advisors Preferred LLC bought a new position in Adobe in the 3rd quarter worth about $60,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 1.6 %

Shares of ADBE traded down $7.88 during midday trading on Friday, reaching $475.43. 3,085,605 shares of the stock were exchanged, compared to its average volume of 2,563,092. The company has a market cap of $212.99 billion, a price-to-earnings ratio of 45.45, a P/E/G ratio of 2.57 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 12-month low of $374.09 and a 12-month high of $638.25. The firm has a 50 day simple moving average of $486.80 and a 200-day simple moving average of $555.49.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.97 earnings per share. Research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback 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 purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. 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 report on Friday, March 15th. DA Davidson reissued a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TD Cowen decreased their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

View Our Latest Research Report on ADBE

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of Adobe 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 in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

About Adobe

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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