Adobe Inc. (NASDAQ:ADBE) Shares Bought by Axiom Investors LLC DE

Axiom Investors LLC DE grew its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 35.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 290,231 shares of the software company’s stock after acquiring an additional 76,408 shares during the period. Adobe comprises about 1.7% of Axiom Investors LLC DE’s holdings, making the stock its 17th biggest position. Axiom Investors LLC DE owned about 0.06% of Adobe worth $173,152,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $45,000. First Command Advisory Services Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $52,000. Advisors Preferred LLC purchased a new position in shares of Adobe during the 3rd quarter worth approximately $60,000. Finally, BKM Wealth Management LLC purchased a new stake in Adobe in the 4th quarter worth approximately $65,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.2 %

Shares of Adobe stock traded down $1.11 during trading on Friday, reaching $444.76. The company had a trading volume of 7,486,373 shares, compared to its average volume of 3,362,956. The company has a market cap of $199.25 billion, a price-to-earnings ratio of 42.63, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The firm’s fifty day moving average is $483.04 and its 200-day moving average is $552.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a fifty-two week low of $410.70 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last issued its earnings results 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. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 EPS. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Activity

In other 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were 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 approximately $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler Companies lowered their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, UBS Group lowered their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

View Our Latest Stock Report on ADBE

Adobe 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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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