Metis Global Partners LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Metis Global Partners LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 8.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 26,120 shares of the software company’s stock after buying an additional 2,138 shares during the period. Adobe makes up approximately 0.6% of Metis Global Partners LLC’s portfolio, making the stock its 25th biggest holding. Metis Global Partners LLC’s holdings in Adobe were worth $15,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of ADBE. One Charles Private Wealth Services LLC raised its stake in Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after buying an additional 17 shares in the last quarter. Invst LLC grew its holdings in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. raised its position in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares in the last quarter. Lantz Financial LLC lifted its stake in shares of Adobe by 2.5% in the 4th 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 boosted its position 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 purchasing an additional 17 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ADBE shares. Mizuho reissued a “buy” rating and set a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler reissued an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was 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 directly 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 SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe 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 owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $9.61 during midday trading on Friday, hitting $486.18. The company 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 PEG ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a fifty day moving average of $508.34 and a two-hundred day moving average of $561.78. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during 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%. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 EPS. On average, equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.