Adobe Inc. (NASDAQ:ADBE) Holdings Decreased by Truist Financial Corp

Truist Financial Corp cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 19.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 195,743 shares of the software company’s stock after selling 46,160 shares during the quarter. Truist Financial Corp’s holdings in Adobe were worth $116,780,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Oak Thistle LLC acquired a new stake in Adobe during the third quarter worth about $472,000. Patriot Financial Group Insurance Agency LLC boosted its position in Adobe by 14.2% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,612 shares of the software company’s stock valued at $822,000 after purchasing an additional 200 shares during the period. TFG Advisers LLC bought a new position in Adobe during the 3rd quarter worth $240,000. Investment Research & Advisory Group Inc. increased its position in Adobe by 3.1% in the third quarter. Investment Research & Advisory Group Inc. now owns 3,810 shares of the software company’s stock worth $1,943,000 after buying an additional 115 shares during the period. Finally, Zullo Investment Group Inc. lifted its stake in Adobe by 6.5% in the third quarter. Zullo Investment Group Inc. now owns 781 shares of the software company’s stock valued at $398,000 after buying an additional 48 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.9 %

ADBE traded up $4.12 on Friday, reaching $477.56. 2,460,261 shares of the company traded hands, compared to its average volume of 2,815,745. Adobe Inc. has a 52-week low of $331.89 and a 52-week 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 company has a market cap of $213.95 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.56 and a beta of 1.28. The stock’s 50 day moving average price is $515.34 and its 200-day moving average price is $564.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred 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 sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Company 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.