Pacer Advisors Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,165 shares of the software company’s stock after selling 3,155 shares during the quarter. Pacer Advisors Inc.’s holdings in Adobe were worth $20,519,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Carmichael Hill & Associates Inc. purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $25,000. Concord Wealth Partners purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $32,000. Cordasco Financial Network increased its position in shares of Adobe by 54.3% in the fourth quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock valued at $36,000 after buying an additional 25 shares in the last quarter. Capstone Triton Financial Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $46,000. Finally, Curi Capital purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $48,000. Institutional investors own 82.43% of the company’s stock.
Shares of Adobe stock traded up $8.19 during trading hours on Thursday, hitting $501.60. The company’s stock had a trading volume of 42,204 shares, compared to its average volume of 2,869,100. Adobe Inc. has a twelve month low of $308.20 and a twelve month high of $536.88. The firm has a fifty day moving average of $461.15 and a 200-day moving average of $476.51. The stock has a market cap of $239.76 billion, a price-to-earnings ratio of 45.52, a P/E/G ratio of 2.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Monday, March 22nd. The software company reported $3.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.79 by $0.35. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The business had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the company posted $2.27 EPS. The company’s quarterly revenue was up 26.3% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 9.47 earnings per share for the current fiscal year.
Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, December 10th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 6.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Shantanu Narayen sold 80,907 shares of the stock in a transaction dated Monday, January 25th. The stock was sold at an average price of $471.85, for a total transaction of $38,175,967.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 600 shares of the stock in a transaction dated Friday, January 15th. The stock was sold at an average price of $463.07, for a total value of $277,842.00. Following the transaction, the executive vice president now directly owns 15,467 shares in the company, valued at approximately $7,162,303.69. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,558 shares of company stock worth $52,990,341. Corporate insiders own 0.31% of the company’s stock.
A number of analysts have recently commented on ADBE shares. JPMorgan Chase & Co. boosted their price objective on Adobe from $585.00 to $595.00 and gave the company an “overweight” rating in a research report on Wednesday, March 24th. Bank of America initiated coverage on Adobe in a research report on Thursday. They set a “buy” rating for the company. UBS Group reiterated a “buy” rating on shares of Adobe in a research report on Thursday. Oppenheimer initiated coverage on Adobe in a research report on Friday, December 11th. They set a “buy” rating and a $550.00 price target for the company. Finally, BMO Capital Markets dropped their price target on Adobe from $570.00 to $535.00 and set an “outperform” rating for the company in a research report on Tuesday, March 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $547.58.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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