Flossbach Von Storch AG Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Flossbach Von Storch AG lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 22.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,172 shares of the software company’s stock after selling 43,769 shares during the period. Flossbach Von Storch AG’s holdings in Adobe were worth $89,593,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter valued at $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the third quarter valued at about $25,000. Global Wealth Strategies & Associates lifted its holdings in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the period. Financial Freedom LLC purchased a new stake in Adobe in the fourth quarter worth $29,000. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of Adobe in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business’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 transaction of $484,950.96. Following the completion of the sale, 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 document filed with the SEC, which is available through this link. In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on 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 $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,075 shares of company stock worth $1,848,418. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. HSBC dropped their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Oppenheimer reissued an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Piper Sandler Companies cut their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 0.4 %

ADBE traded down $1.77 on Wednesday, reaching $474.45. 2,034,141 shares of the company traded hands, compared to its average volume of 3,592,028. The firm has a fifty day simple moving average of $533.19 and a two-hundred day simple moving average of $566.97. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a market cap of $212.55 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 EPS 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 firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

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