Adobe Inc. (NASDAQ:ADBE) Shares Sold by InterOcean Capital Group LLC

InterOcean Capital Group LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,868 shares of the software company’s stock after selling 708 shares during the period. InterOcean Capital Group LLC’s holdings in Adobe were worth $4,097,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ADBE. Capital Management Associates NY bought a new position in Adobe in the fourth quarter worth about $1,134,000. Seven Mile Advisory grew its position in Adobe by 3.7% in the fourth quarter. Seven Mile Advisory now owns 934 shares of the software company’s stock worth $557,000 after buying an additional 33 shares during the last quarter. Dai ichi Life Insurance Company Ltd grew its position in Adobe by 1.5% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 33,824 shares of the software company’s stock worth $20,179,000 after buying an additional 513 shares during the last quarter. Keystone Financial Group acquired a new position in Adobe in the fourth quarter worth approximately $208,000. Finally, Franklin Resources Inc. grew its position in Adobe by 1.2% in the fourth quarter. Franklin Resources Inc. now owns 1,583,878 shares of the software company’s stock worth $944,941,000 after buying an additional 19,070 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on 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 directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last three months. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Shares of Adobe stock traded up $1.24 on Wednesday, reaching $483.09. 765,041 shares of the stock were exchanged, compared to its average volume of 3,320,541. The firm’s 50 day moving average is $490.68 and its 200-day moving average is $557.34. Adobe Inc. has a one year low of $361.72 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 cap of $216.42 billion, a PE ratio of 46.07, a P/E/G ratio of 2.62 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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 net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the company posted $2.97 EPS. The company’s revenue was up 11.3% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADBE. Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler reissued an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Mizuho reissued a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.