Investment Research & Advisory Group Inc. Trims Position in Adobe Inc. (NASDAQ:ADBE)

Investment Research & Advisory Group Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 3,757 shares of the software company’s stock after selling 53 shares during the period. Adobe accounts for approximately 1.1% of Investment Research & Advisory Group Inc.’s portfolio, making the stock its 29th largest position. Investment Research & Advisory Group Inc.’s holdings in Adobe were worth $2,241,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rockland Trust Co. increased its stake in shares of Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares during the period. Team Hewins LLC acquired a new position in Adobe during the third quarter worth about $4,141,000. Guinness Asset Management LTD grew its position in Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after buying an additional 2,499 shares during the period. Dynamic Advisor Solutions LLC grew its position in Adobe by 23.9% during the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after buying an additional 1,732 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD grew its position in Adobe by 36.7% during the third quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after buying an additional 1,871 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. KeyCorp assumed coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday. KGI Securities upgraded shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price target on the stock in a research report on Monday, December 4th. Finally, BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $619.00.

Insider Buying and Selling at Adobe

In other news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock valued at $5,340,250 over the last three months. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 1.2 %

Shares of ADBE traded down $6.00 during trading hours on Wednesday, hitting $501.60. The stock had a trading volume of 2,450,878 shares, compared to its average volume of 3,646,385. The company’s fifty day simple moving average is $575.19 and its 200 day simple moving average is $571.94. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market cap of $227.00 billion, a P/E ratio of 48.21, a P/E/G ratio of 2.74 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $2.97 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.57 EPS for the current fiscal year.

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

Adobe 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.