Van ECK Associates Corp Has $56.01 Million Position in Adobe Inc. (NASDAQ:ADBE)

Van ECK Associates Corp increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 93,886 shares of the software company’s stock after buying an additional 2,883 shares during the quarter. Van ECK Associates Corp’s holdings in Adobe were worth $56,013,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ADBE. Commonwealth Equity Services LLC grew its position in Adobe by 3.6% in the third quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock worth $76,979,000 after acquiring an additional 5,248 shares in the last quarter. YHB Investment Advisors Inc. boosted its holdings in Adobe by 2.7% in the third quarter. YHB Investment Advisors Inc. now owns 935 shares of the software company’s stock worth $477,000 after purchasing an additional 25 shares in the last quarter. RMR Wealth Builders increased its position in Adobe by 27.0% during the third quarter. RMR Wealth Builders now owns 4,037 shares of the software company’s stock worth $2,058,000 after buying an additional 858 shares during the last quarter. Suncoast Equity Management raised its holdings in Adobe by 2.0% during the third quarter. Suncoast Equity Management now owns 68,341 shares of the software company’s stock valued at $34,847,000 after buying an additional 1,324 shares in the last quarter. Finally, Atlas Private Wealth Management lifted its position in shares of Adobe by 1.3% in the third quarter. Atlas Private Wealth Management now owns 5,226 shares of the software company’s stock worth $2,665,000 after buying an additional 67 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated 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 sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction 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 owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock worth $137,656 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $3.13 on Tuesday, reaching $469.94. The company’s stock had a trading volume of 509,004 shares, compared to its average volume of 3,454,968. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $210.53 billion, a PE ratio of 44.98, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The business has a 50-day moving average price of $513.87 and a 200 day moving average price of $564.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.14 billion. During the same period in the previous year, the business earned $2.97 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADBE shares. DA Davidson reissued a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.