Adobe Inc. (NASDAQ:ADBE) Shares Sold by Twin Capital Management Inc.

Twin Capital Management Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,213 shares of the software company’s stock after selling 225 shares during the quarter. Adobe comprises approximately 0.8% of Twin Capital Management Inc.’s portfolio, making the stock its 19th biggest position. Twin Capital Management Inc.’s holdings in Adobe were worth $6,093,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. VELA Investment Management LLC lifted its stake in Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares during the last quarter. Bornite Capital Management LP purchased a new stake in Adobe in the first quarter valued at approximately $15,947,000. United Bank lifted its stake in Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Adobe by 21.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC lifted its stake in Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after buying an additional 3,860 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company cut their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. TD Cowen cut their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

Shares of ADBE traded down $0.12 during trading hours on Thursday, reaching $474.33. 1,035,482 shares of the company traded hands, compared to its average volume of 3,557,331. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $212.50 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 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. The stock has a fifty day simple moving average of $533.19 and a 200 day simple moving average of $566.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.97 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction 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 firm’s 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 $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by company insiders.

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.