Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 496,916 shares of the software company’s stock after purchasing an additional 33,134 shares during the quarter. Victory Capital Management Inc.’s holdings in Adobe were worth $296,460,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of ADBE. One Charles Private Wealth Services LLC increased its position in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC increased its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. increased its position in shares of Adobe by 3.1% during 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 in the last quarter. Lantz Financial LLC increased its position in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its position in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ADBE shares. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research note on Thursday, January 18th. Robert W. Baird reduced their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler Companies reduced their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were 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 owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

ADBE stock traded up $5.51 during midday trading on Wednesday, reaching $468.34. 1,034,839 shares of the company were exchanged, compared to its average volume of 3,457,799. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50-day moving average price of $512.29 and a two-hundred day moving average price of $563.44. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market capitalization of $209.82 billion, a price-to-earnings ratio of 44.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during 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 company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.97 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors 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.