Stevens Capital Management LP Has $3.18 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Stevens Capital Management LP trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 24.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,326 shares of the software company’s stock after selling 1,726 shares during the quarter. Adobe comprises about 0.8% of Stevens Capital Management LP’s holdings, making the stock its 21st biggest position. Stevens Capital Management LP’s holdings in Adobe were worth $3,177,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new position in shares of Adobe during the third quarter valued at about $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the third quarter valued at about $25,000. Global Wealth Strategies & Associates lifted its position in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the fourth quarter valued at about $35,000. Finally, BluePath Capital Management LLC bought a new position in shares of Adobe during the third quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on ADBE shares. Bank of America lowered their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. HSBC lowered their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Finally, UBS Group lowered their price target 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

ADBE stock traded up $4.12 during midday trading on Friday, reaching $477.56. The company had a trading volume of 2,313,129 shares, compared to its average volume of 3,496,229. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a market capitalization of $213.95 billion, a P/E ratio of 46.08, a P/E/G ratio of 2.58 and a beta of 1.28. The firm has a 50-day moving average price of $516.72 and a 200-day moving average price of $564.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) 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. 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 analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The firm’s revenue was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share buyback program 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 programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock worth $137,656 in the last three months. 0.15% of the stock is owned by insiders.

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.