Convergence Investment Partners LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Convergence Investment Partners LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 16.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,369 shares of the software company’s stock after selling 278 shares during the period. Convergence Investment Partners LLC’s holdings in Adobe were worth $817,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Concentrum Wealth Management increased its holdings in Adobe by 17,006.8% in the third 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 in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $875,592,000. Invesco Ltd. increased its stake in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Adobe during the third quarter worth about $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on ADBE. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Robert W. Baird cut their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Stifel Nicolaus dropped their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Piper Sandler Companies dropped their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Up 0.9 %

Adobe stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the company’s stock were exchanged, compared to its average volume of 2,815,745. The company has a market cap of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.59 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $515.34 and a 200-day moving average of $564.55.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company 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 firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. Sell-side analysts expect 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 buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, 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 SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, 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 SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were 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 directly owns 4,128 shares in the company, valued at $1,933,596.48. 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. Insiders own 0.15% of the company’s stock.

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.