Ethic Inc. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Ethic Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 6.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 39,128 shares of the software company’s stock after acquiring an additional 2,438 shares during the period. Adobe comprises about 0.7% of Ethic Inc.’s portfolio, making the stock its 17th biggest holding. Ethic Inc.’s holdings in Adobe were worth $23,344,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Barlow Wealth Partners Inc. purchased a new stake in shares of Adobe in the fourth quarter worth $16,700,000. Federated Hermes Inc. increased its stake in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC increased its stake in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC purchased a new stake in shares of Adobe in the third quarter worth $4,141,000. Finally, Vise Technologies Inc. increased its stake in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following 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 at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ADBE shares. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Robert W. Baird dropped their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus dropped their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday. Wells Fargo & Company dropped their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $600.97.

Get Our Latest Stock Report on Adobe

Adobe Trading Down 0.7 %

ADBE stock traded down $3.30 during trading on Tuesday, hitting $456.64. The company had a trading volume of 1,023,969 shares, compared to its average volume of 3,336,728. The firm has a market capitalization of $204.57 billion, a P/E ratio of 43.91, a PEG ratio of 2.52 and a beta of 1.27. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a 50 day simple moving average of $475.87 and a 200-day simple moving average of $544.12. 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:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.97 EPS. As a group, research 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 share repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Adobe Profile

(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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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