Adobe Inc. (NASDAQ:ADBE) Holdings Trimmed by South Dakota Investment Council

South Dakota Investment Council trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 63.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,795 shares of the software company’s stock after selling 15,072 shares during the period. South Dakota Investment Council’s holdings in Adobe were worth $5,247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates boosted its stake in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $35,000. Finally, BluePath Capital Management LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were 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 of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 984 shares of company stock valued at $577,171 over the last quarter. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ADBE shares. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $4.10 on Wednesday, hitting $477.00. 1,416,513 shares of the company were exchanged, compared to its average volume of 3,514,152. The company’s 50 day moving average price is $521.61 and its two-hundred day moving average price is $565.95. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. 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 $213.70 billion, a price-to-earnings ratio of 45.37, a PEG ratio of 2.53 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.97 earnings per share. Research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management 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.