Obermeyer Wood Investment Counsel Lllp Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Obermeyer Wood Investment Counsel Lllp reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 43.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,107 shares of the software company’s stock after selling 32,848 shares during the period. Adobe makes up 1.8% of Obermeyer Wood Investment Counsel Lllp’s portfolio, making the stock its 23rd largest holding. Obermeyer Wood Investment Counsel Lllp’s holdings in Adobe were worth $25,718,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp raised its holdings in shares of Adobe by 1.5% in the 1st quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after purchasing an additional 269,173 shares in the last quarter. Morgan Stanley grew its position in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after buying an additional 277,484 shares during the last quarter. Northern Trust Corp grew its position in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares during the last quarter. Norges Bank purchased a new position in shares of Adobe in the 4th quarter worth approximately $1,757,029,000. Finally, Jennison Associates LLC grew its position in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after buying an additional 498,957 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ:ADBE traded down $1.27 during trading hours on Thursday, reaching $473.18. 2,388,980 shares of the company were exchanged, compared to its average volume of 3,575,996. The stock’s 50-day moving average is $533.19 and its 200-day moving average is $566.97. The firm has a market cap of $211.98 billion, a PE ratio of 45.24, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business 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 quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

ADBE has been the topic of a number of analyst reports. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research report on Thursday, January 18th. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Barclays dropped their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 over the last three months. Insiders own 0.15% of the company’s stock.

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.