Adobe Inc. (NASDAQ:ADBE) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,942,278 shares of the software company’s stock after selling 105,290 shares during the quarter. Adobe makes up 2.8% of Primecap Management Co. CA’s portfolio, making the stock its 6th biggest holding. Primecap Management Co. CA’s holdings in Adobe were worth $3,545,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ADBE. Pinnacle West Asset Management Inc. raised its holdings in shares of Adobe by 8.3% in the third quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after acquiring an additional 90 shares during the last quarter. WealthPlan Investment Management LLC increased its stake in Adobe by 223,500.0% in the third quarter. WealthPlan Investment Management LLC now owns 4,472 shares of the software company’s stock valued at $2,280,000 after purchasing an additional 4,470 shares during the last quarter. MONECO Advisors LLC increased its stake in Adobe by 7.1% in the third quarter. MONECO Advisors LLC now owns 585 shares of the software company’s stock valued at $298,000 after purchasing an additional 39 shares during the last quarter. Breakwater Capital Group increased its stake in Adobe by 7.1% in the third quarter. Breakwater Capital Group now owns 544 shares of the software company’s stock valued at $296,000 after purchasing an additional 36 shares during the last quarter. Finally, Lincoln National Corp increased its stake in Adobe by 11.0% in the third quarter. Lincoln National Corp now owns 7,801 shares of the software company’s stock valued at $3,978,000 after purchasing an additional 771 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company lowered their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. lowered their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Down 1.6 %

ADBE traded down $7.88 on Friday, reaching $475.43. The company’s stock had a trading volume of 3,083,719 shares, compared to its average volume of 3,319,054. The stock has a market cap of $212.99 billion, a price-to-earnings ratio of 45.45, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. Adobe Inc. has a 1 year low of $374.09 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50 day moving average is $486.80 and its 200 day moving average is $555.69.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.