Eagle Bay Advisors LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Eagle Bay Advisors LLC reduced its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 24.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,539 shares of the software company’s stock after selling 494 shares during the period. Eagle Bay Advisors LLC’s holdings in Adobe were worth $918,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pinnacle West Asset Management Inc. grew its position in Adobe by 8.3% in the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after purchasing an additional 90 shares during the period. Beacon Investment Advisory Services Inc. raised its stake in Adobe by 1.3% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 45,061 shares of the software company’s stock valued at $22,977,000 after purchasing an additional 586 shares during the period. Jennison Associates LLC boosted its position 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 acquiring an additional 498,957 shares during the last quarter. Community Bank & Trust Waco Texas grew its position in shares of Adobe by 4.5% during the third quarter. Community Bank & Trust Waco Texas now owns 1,187 shares of the software company’s stock valued at $605,000 after purchasing an additional 51 shares in the last quarter. Finally, GraniteShares Advisors LLC raised its holdings in shares of Adobe by 174.8% during the 3rd quarter. GraniteShares Advisors LLC now owns 3,364 shares of the software company’s stock worth $1,715,000 after acquiring an additional 2,140 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott Belsky sold 2,713 shares of the company’s 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 sale, the executive vice president now 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 can be accessed 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 value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $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 over the last 90 days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

ADBE traded down $7.16 during trading on Tuesday, reaching $475.95. The company’s stock had a trading volume of 4,286,401 shares, compared to its average volume of 3,397,121. Adobe Inc. has a 1 year low of $333.01 and a 1 year high of $638.25. The company has a market cap of $213.23 billion, a price-to-earnings ratio of 45.50, a PEG ratio of 2.61 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. The firm has a fifty day simple moving average of $499.50 and a two-hundred day simple moving average of $559.73.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the business posted $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. UBS Group lowered their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. 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 company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Get Our Latest Stock Report on Adobe

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.

See Also

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEFree Report).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.