Adobe Inc. (NASDAQ:ADBE) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,866 shares of the software company’s stock after selling 615 shares during the quarter. Adobe makes up about 1.3% of Sawgrass Asset Management LLC’s holdings, making the stock its 28th largest holding. Sawgrass Asset Management LLC’s holdings in Adobe were worth $11,852,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the fourth quarter worth about $35,000. BluePath Capital Management LLC purchased a new position in shares of Adobe in the third quarter valued at approximately $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe during the 3rd quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. acquired a new position in shares of Adobe in the third quarter worth $52,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. KeyCorp assumed coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. HSBC lowered their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price target 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 given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 sold a total of 3,006 shares of company stock valued at $1,424,432 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock traded down $4.17 during midday trading on Wednesday, reaching $488.10. The company’s stock had a trading volume of 2,164,807 shares, compared to its average volume of 3,417,364. The stock’s 50 day simple moving average is $505.80 and its 200 day simple moving average is $561.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $218.67 billion, a PE ratio of 46.66, a P/E/G ratio of 2.63 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 quarter in the prior year, the firm posted $2.97 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is 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.