PGGM Investments Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

PGGM Investments raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 43,304 shares of the software company’s stock after purchasing an additional 100 shares during the period. PGGM Investments’ holdings in Adobe were worth $25,835,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. HBC Financial Services PLLC acquired a new stake in Adobe in the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates boosted its stake 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 purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the 4th quarter valued at approximately $35,000. BluePath Capital Management LLC acquired a new stake in Adobe during the 3rd quarter valued at approximately $39,000. Finally, Hanseatic Management Services Inc. acquired a new stake in Adobe during the 3rd quarter valued at approximately $45,000. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, 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 completion of the sale, the chief accounting officer now directly 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 available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s 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 owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock worth $137,656 in the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.9 %

ADBE stock traded up $4.12 during midday trading on Friday, hitting $477.56. 2,460,261 shares of the company’s stock were exchanged, compared to its average volume of 2,815,745. 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 Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a 50 day moving average price of $515.34 and a 200-day moving average price of $564.33. The stock has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the business earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

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

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. TD Cowen cut their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.