Xponance Inc. Acquires 128 Shares of Adobe Inc. (NASDAQ:ADBE)

Xponance Inc. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,017 shares of the software company’s stock after acquiring an additional 128 shares during the period. Adobe makes up approximately 0.8% of Xponance Inc.’s investment portfolio, making the stock its 19th largest holding. Xponance Inc.’s holdings in Adobe were worth $63,846,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Adobe by 1.5% in the first 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 increased its position in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the last quarter. Northern Trust Corp increased its position in Adobe by 3.9% during the third 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 acquired a new position in Adobe during the fourth quarter worth approximately $1,757,029,000. Finally, Jennison Associates LLC increased its position in Adobe by 12.3% during the third 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 currently owned by institutional investors.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,075 shares of company stock valued at $1,848,418. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADBE. TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. UBS Group decreased their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of ADBE stock traded down $1.27 during trading hours on Thursday, hitting $473.18. 2,385,738 shares of the company were exchanged, compared to its average volume of 3,566,456. The firm has a fifty day simple moving average of $533.19 and a 200 day simple moving average of $566.97. 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 52-week low of $331.89 and a 52-week high of $638.25. The stock has a market capitalization of $211.98 billion, a price-to-earnings ratio of 45.24, a P/E/G ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Adobe 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.