William Blair Investment Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 18.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 299,991 shares of the software company’s stock after selling 66,696 shares during the period. William Blair Investment Management LLC’s holdings in Adobe were worth $150,031,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Viridian Ria LLC lifted its stake in Adobe by 26.8% during the fourth quarter. Viridian Ria LLC now owns 638 shares of the software company’s stock worth $319,000 after purchasing an additional 135 shares in the last quarter. Northstar Group Inc. lifted its stake in Adobe by 3.5% during the fourth quarter. Northstar Group Inc. now owns 1,129 shares of the software company’s stock worth $565,000 after purchasing an additional 38 shares in the last quarter. ProShare Advisors LLC lifted its stake in Adobe by 17.4% during the fourth quarter. ProShare Advisors LLC now owns 482,341 shares of the software company’s stock worth $241,228,000 after purchasing an additional 71,397 shares in the last quarter. Profund Advisors LLC lifted its stake in Adobe by 3.1% during the fourth quarter. Profund Advisors LLC now owns 38,369 shares of the software company’s stock worth $19,189,000 after purchasing an additional 1,166 shares in the last quarter. Finally, Wealthsimple US Ltd. acquired a new position in Adobe during the fourth quarter worth $243,000. Hedge funds and other institutional investors own 82.43% of the company’s stock.
Shares of ADBE opened at $467.33 on Tuesday. Adobe Inc. has a fifty-two week low of $255.13 and a fifty-two week high of $536.88. The company has a market capitalization of $224.19 billion, a price-to-earnings ratio of 43.11, a price-to-earnings-growth ratio of 2.55 and a beta of 0.97. The firm has a 50-day simple moving average of $478.42 and a 200-day simple moving average of $481.07. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48.
Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, December 10th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the software company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
A number of analysts have recently weighed in on the company. Stifel Nicolaus assumed coverage on Adobe in a research report on Friday, January 15th. They set a “buy” rating on the stock. Royal Bank of Canada upped their price objective on Adobe from $570.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, December 11th. Oppenheimer started coverage on Adobe in a research report on Friday, December 11th. They set a “buy” rating and a $550.00 price objective on the stock. BMO Capital Markets increased their target price on Adobe from $560.00 to $570.00 and gave the company an “outperform” rating in a report on Friday, December 11th. Finally, Barclays reissued a “buy” rating and issued a $605.00 target price on shares of Adobe in a report on Sunday, December 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $527.42.
In related news, CAO Mark S. Garfield sold 948 shares of the firm’s stock in a transaction dated Monday, December 14th. The shares were sold at an average price of $475.61, for a total value of $450,878.28. Following the completion of the sale, the chief accounting officer now owns 178 shares in the company, valued at $84,658.58. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction dated Tuesday, December 15th. The shares were sold at an average price of $489.38, for a total transaction of $293,628.00. Following the completion of the sale, the executive vice president now owns 16,067 shares of the company’s stock, valued at approximately $7,862,868.46. The disclosure for this sale can be found here. Insiders have sold 114,063 shares of company stock valued at $53,715,598 in the last quarter. Insiders own 0.31% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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