Adobe Inc. (NASDAQ:ADBE) is Eagle Ridge Investment Management’s 6th Largest Position

Eagle Ridge Investment Management lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,015 shares of the software company’s stock after selling 952 shares during the period. Adobe comprises approximately 3.3% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 6th biggest holding. Eagle Ridge Investment Management’s holdings in Adobe were worth $34,015,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Morgan Stanley raised its position in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after buying an additional 202,136 shares in the last quarter. Jennison Associates LLC grew its position in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Invesco Ltd. raised its stake in shares of Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Finally, 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 valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ADBE shares. Bank of America lowered their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Piper Sandler Companies cut their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Robert W. Baird lowered their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. KeyCorp started coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Down 1.0 %

ADBE stock traded down $4.60 during midday trading on Monday, hitting $472.96. The company’s stock had a trading volume of 1,339,585 shares, compared to its average volume of 3,470,470. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The firm has a market capitalization of $211.89 billion, a P/E ratio of 45.74, a PEG ratio of 2.59 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. The firm has a 50-day simple moving average of $515.34 and a 200-day simple moving average of $564.66.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping 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 net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.97 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a share 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 repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are 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.