Van ECK Associates Corp Raises Position in Adobe Inc. (NASDAQ:ADBE)

Van ECK Associates Corp boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,886 shares of the software company’s stock after buying an additional 2,883 shares during the period. Van ECK Associates Corp’s holdings in Adobe were worth $56,013,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in ADBE. One Charles Private Wealth Services LLC raised its position in Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the period. Invst LLC raised its holdings in Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the period. Raleigh Capital Management Inc. raised its holdings in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC grew its holdings in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its position in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. 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 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock valued at $137,656 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Mizuho restated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

ADBE stock traded down $3.13 on Tuesday, reaching $469.94. The company had a trading volume of 509,004 shares, compared to its average volume of 3,454,968. The company’s fifty day moving average is $513.87 and its 200 day moving average is $564.05. The company has a market cap of $210.53 billion, a P/E ratio of 44.98, a PEG ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business earned $2.97 earnings per share. The business’s revenue was up 11.3% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a stock 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 purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is 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.