Czech National Bank Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Czech National Bank lessened its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 0.3% in the first quarter, HoldingsChannel.com reports. The firm owned 79,529 shares of the software company’s stock after selling 227 shares during the quarter. Czech National Bank’s holdings in Adobe were worth $40,130,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Stokes Family Office LLC raised its holdings in shares of Adobe by 17.2% during the third quarter. Stokes Family Office LLC now owns 551 shares of the software company’s stock valued at $281,000 after acquiring an additional 81 shares in the last quarter. Bison Wealth LLC bought a new position in Adobe in the third quarter worth $599,000. Rathbones Group PLC grew its stake in shares of Adobe by 94.5% in the third quarter. Rathbones Group PLC now owns 430,370 shares of the software company’s stock worth $219,446,000 after acquiring an additional 209,075 shares during the last quarter. V Square Quantitative Management LLC grew its stake in shares of Adobe by 13.8% in the third quarter. V Square Quantitative Management LLC now owns 4,628 shares of the software company’s stock worth $2,360,000 after acquiring an additional 561 shares during the last quarter. Finally, TFB Advisors LLC grew its stake in shares of Adobe by 26.6% in the third quarter. TFB Advisors LLC now owns 1,086 shares of the software company’s stock worth $554,000 after acquiring an additional 228 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of recent research reports. Piper Sandler Companies cut their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. KeyCorp increased their target price on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. BMO Capital Markets increased their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Finally, UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Get Our Latest Stock Report on ADBE

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $0.70 during trading on Thursday, hitting $522.95. The company had a trading volume of 5,750,375 shares, compared to its average volume of 3,555,961. The stock has a 50 day simple moving average of $477.39 and a 200 day simple moving average of $538.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $234.28 billion, a P/E ratio of 46.99, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the company earned $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 14.68 earnings per share for the current year.

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was 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 in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,270 shares of company stock valued at $1,563,166. 0.15% of the stock is owned by company insiders.

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.

Featured Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEFree Report).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.