Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mar Vista Investment Partners LLC

Mar Vista Investment Partners LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 5.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,429 shares of the software company’s stock after selling 8,773 shares during the quarter. Adobe accounts for 4.0% of Mar Vista Investment Partners LLC’s holdings, making the stock its 8th biggest position. Mar Vista Investment Partners LLC’s holdings in Adobe were worth $87,956,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Morgan Stanley raised its position in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the period. Northern Trust Corp raised its stake in Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after purchasing an additional 202,136 shares during the period. Fisher Asset Management LLC boosted its position in shares of Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after buying an additional 16,379 shares during the period. Invesco Ltd. grew its holdings in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after buying an additional 66,180 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. 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 Adobe stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $0.55 during trading on Friday, hitting $483.43. 2,261,147 shares of the stock were exchanged, compared to its average volume of 2,689,464. The company has a market capitalization of $216.58 billion, a price-to-earnings ratio of 46.22, a price-to-earnings-growth ratio of 2.62 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 $356.45 and a 1-year high of $638.25. The company’s fifty day simple moving average is $494.14 and its 200-day simple moving average is $558.34.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company 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 business’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 EPS. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research analyst reports. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Barclays lowered their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two equities research 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. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Read Our Latest Stock Report on ADBE

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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