Allstate Corp Sells 169 Shares of Adobe Inc. (NASDAQ:ADBE)

Allstate Corp lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,580 shares of the software company’s stock after selling 169 shares during the period. Allstate Corp’s holdings in Adobe were worth $943,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADBE. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at about $3,277,785,000. Concentrum Wealth Management grew its stake in shares of Adobe by 17,006.8% in 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 in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Adobe in the fourth quarter valued at about $875,592,000. Invesco Ltd. grew its stake in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in shares of Adobe in the third quarter valued at about $152,970,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ADBE shares. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TD Cowen reduced their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $0.07 during mid-day trading on Thursday, reaching $483.86. 1,068,849 shares of the company’s stock were exchanged, compared to its average volume of 3,309,499. The firm has a market capitalization of $216.77 billion, a price-to-earnings ratio of 46.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28. Adobe Inc. has a 52 week low of $361.72 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 firm has a 50-day moving average price of $488.89 and a two-hundred day moving average price of $556.83.

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, 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 business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the business posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock 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 buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

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.