Ninety One UK Ltd Sells 8,441 Shares of Adobe Inc. (NASDAQ:ADBE)

Ninety One UK Ltd trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 16.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 43,481 shares of the software company’s stock after selling 8,441 shares during the quarter. Ninety One UK Ltd’s holdings in Adobe were worth $25,941,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at about $1,757,029,000. Moneta Group Investment Advisors LLC raised its holdings in Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after acquiring an additional 3,245,427 shares during the period. Concentrum Wealth Management lifted its position in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. Morgan Stanley grew its position in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after purchasing an additional 1,471,861 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Adobe during the fourth quarter worth approximately $875,592,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $473.18 on Friday. The company has a market capitalization of $211.98 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 2.57 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. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock has a fifty day simple moving average of $530.33 and a 200 day simple moving average of $566.32.

Adobe (NASDAQ:ADBE) last issued its quarterly 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. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.97 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADBE shares. Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Robert W. Baird decreased their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Two research 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

About Adobe

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.