SageView Advisory Group LLC Has $4.02 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

SageView Advisory Group LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 57.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,409 shares of the software company’s stock after buying an additional 2,328 shares during the period. SageView Advisory Group LLC’s holdings in Adobe were worth $4,024,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank purchased a new stake in Adobe during the 4th quarter worth about $3,277,785,000. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the 4th quarter valued at about $875,592,000. Invesco Ltd. raised its holdings in shares of 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 acquiring an additional 889,607 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC raised its holdings in shares of Adobe by 41.2% during the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after buying an additional 307,479 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was 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 in the company, valued at approximately $15,829,839. 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. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ADBE shares. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus reduced their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $604.35.

Check Out Our Latest Research Report on ADBE

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $66.50 during midday trading on Friday, reaching $525.24. 10,674,072 shares of the company’s stock were exchanged, compared to its average volume of 3,463,414. The company’s 50 day simple moving average is $473.83 and its two-hundred day simple moving average is $541.85. The firm has a market capitalization of $235.31 billion, a PE ratio of 50.06, a price-to-earnings-growth ratio of 2.49 and a beta of 1.27. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the company posted $3.04 EPS. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share buyback 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 repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Adobe Company 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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