Norris Perne & French LLP MI Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Norris Perne & French LLP MI trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% during the first quarter, Holdings Channel reports. The firm owned 44,075 shares of the software company’s stock after selling 864 shares during the quarter. Adobe comprises approximately 1.6% of Norris Perne & French LLP MI’s holdings, making the stock its 19th biggest position. Norris Perne & French LLP MI’s holdings in Adobe were worth $22,240,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Bamco Inc. NY lifted its position in shares of Adobe by 45.0% in the third quarter. Bamco Inc. NY now owns 6,342 shares of the software company’s stock valued at $3,234,000 after acquiring an additional 1,968 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. purchased a new stake in shares of Adobe in the third quarter valued at $617,000. CWA Asset Management Group LLC lifted its position in shares of Adobe by 7.0% in the third quarter. CWA Asset Management Group LLC now owns 1,181 shares of the software company’s stock valued at $602,000 after acquiring an additional 77 shares in the last quarter. Teza Capital Management LLC lifted its position in shares of Adobe by 267.9% in the third quarter. Teza Capital Management LLC now owns 5,537 shares of the software company’s stock valued at $2,823,000 after acquiring an additional 4,032 shares in the last quarter. Finally, Ironwood Investment Counsel LLC lifted its position in shares of Adobe by 13.2% in the third quarter. Ironwood Investment Counsel LLC now owns 11,846 shares of the software company’s stock valued at $6,040,000 after acquiring an additional 1,377 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ADBE. Piper Sandler Companies dropped their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price target on shares of Adobe in a report on Friday, June 14th. Finally, UBS Group reduced their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Performance

ADBE traded up $8.78 during trading hours on Friday, hitting $555.54. The company’s stock had a trading volume of 5,084,543 shares, compared to its average volume of 4,723,748. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $246.33 billion, a PE ratio of 49.91, a PEG ratio of 2.85 and a beta of 1.27. The company has a 50-day simple moving average of $485.04 and a 200 day simple moving average of $535.58.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm earned $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, 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 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 legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the firm’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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction 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 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 have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is owned by company 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.