Norris Perne & French LLP MI Has $26.81 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Norris Perne & French LLP MI trimmed its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 0.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,939 shares of the software company’s stock after selling 188 shares during the quarter. Adobe accounts for 2.1% of Norris Perne & French LLP MI’s investment portfolio, making the stock its 16th largest holding. Norris Perne & French LLP MI’s holdings in Adobe were worth $26,810,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe during the third quarter worth $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC bought a new stake in Adobe during the fourth quarter worth $29,000. Finally, Halpern Financial Inc. grew its holdings in Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE opened at $496.71 on Tuesday. The stock has a 50-day simple moving average of $565.60 and a two-hundred day simple moving average of $570.18. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $224.78 billion, a PE ratio of 48.00, a P/E/G ratio of 2.73 and a beta of 1.29.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $2.97 earnings per share. Analysts forecast that Adobe Inc. will post 14.57 EPS for the current year.

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

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on 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 sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, 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 stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock valued at $5,340,250 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. KGI Securities upgraded Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective for the company in a research note on Monday, December 4th. UBS Group reduced their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Barclays reduced their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, HSBC reduced their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Read Our Latest Stock Analysis on Adobe

Adobe Company 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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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