Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lifted by National Bank of Canada FI

National Bank of Canada FI lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 34.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 586,419 shares of the software company’s stock after buying an additional 151,229 shares during the quarter. National Bank of Canada FI’s holdings in Adobe were worth $339,344,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Morgan Stanley increased its holdings in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares during the period. Northern Trust Corp increased its holdings in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares during the period. Jennison Associates LLC increased its holdings in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after acquiring an additional 498,957 shares during the period. Fisher Asset Management LLC increased its stake in Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares during the period. Finally, Invesco Ltd. increased its stake in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on ADBE shares. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. JPMorgan Chase & Co. lowered their target price 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. UBS Group lowered their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company lowered 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. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Up 2.0 %

ADBE traded up $9.61 during midday trading on Friday, hitting $486.18. 2,833,186 shares of the company’s stock traded hands, compared to its average volume of 2,940,603. The company has a market cap of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The stock’s fifty day simple moving average is $508.34 and its 200-day simple moving average is $561.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.97 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal 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 buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Adobe 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.