Adobe Inc. (NASDAQ:ADBE) Shares Sold by Greenleaf Trust

Greenleaf Trust lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 5.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,719 shares of the software company’s stock after selling 2,392 shares during the period. Adobe comprises approximately 0.3% of Greenleaf Trust’s investment portfolio, making the stock its 26th largest holding. Greenleaf Trust’s holdings in Adobe were worth $25,486,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ADBE. Norges Bank purchased a new stake in Adobe in the 4th quarter worth approximately $1,757,029,000. Moneta Group Investment Advisors LLC lifted its position in shares of Adobe by 115,991.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after buying an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management lifted its position in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. Morgan Stanley lifted its position in shares of Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $875,592,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. Piper Sandler Companies decreased their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. 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. Robert W. Baird decreased their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated 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 owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 in the last three months. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 1.7 %

Adobe stock traded down $8.16 during midday trading on Friday, reaching $465.02. 3,280,642 shares of the stock traded hands, compared to its average volume of 3,572,111. The company has a 50-day simple moving average of $530.33 and a two-hundred day simple moving average of $566.32. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market cap of $208.33 billion, a PE ratio of 44.46, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.