Bailard Inc. Acquires 1,422 Shares of Adobe Inc. (NASDAQ:ADBE)

Bailard Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,562 shares of the software company’s stock after purchasing an additional 1,422 shares during the quarter. Adobe comprises approximately 0.9% of Bailard Inc.’s portfolio, making the stock its 25th biggest holding. Bailard Inc.’s holdings in Adobe were worth $29,569,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Rockland Trust Co. boosted its position in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the period. Federated Hermes Inc. lifted its position in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its position in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC bought a new stake in Adobe during the third quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD lifted its position in Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.9 %

Adobe stock traded up $4.22 during mid-day trading on Wednesday, reaching $477.12. The stock had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a 50-day moving average price of $519.06 and a two-hundred day moving average price of $565.33. 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 company has a market capitalization of $213.75 billion, a price-to-earnings ratio of 45.61, a PEG ratio of 2.53 and a beta of 1.28.

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

Adobe declared that its board has approved a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ADBE shares. DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. 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. Mizuho reissued a “buy” rating and set a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Piper Sandler Companies decreased 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, 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. In the last ninety days, insiders sold 984 shares of company stock valued at $577,171. 0.15% of the stock is owned by corporate insiders.

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.