Archer Investment Corp Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Archer Investment Corp lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,170 shares of the software company’s stock after selling 56 shares during the period. Archer Investment Corp’s holdings in Adobe were worth $698,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Adobe by 1.5% in the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock worth $7,180,322,000 after purchasing an additional 269,173 shares in the last quarter. Morgan Stanley boosted its position in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the period. Northern Trust Corp boosted its position in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at approximately $1,757,029,000. Finally, Jennison Associates LLC boosted its position in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company decreased their price target 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. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price 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 given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 0.1 %

Shares of ADBE stock traded down $0.30 during mid-day trading on Wednesday, reaching $475.92. 1,325,774 shares of the company’s stock traded hands, compared to its average volume of 3,581,583. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a market cap of $213.21 billion, a P/E ratio of 45.35, a P/E/G ratio of 2.55 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 company’s 50-day moving average price is $536.02 and its 200-day moving average price is $567.62.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 EPS. On average, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has approved a stock buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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.