Northcape Capital Pty Ltd Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Northcape Capital Pty Ltd lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,739 shares of the software company’s stock after selling 327 shares during the period. Adobe comprises about 0.4% of Northcape Capital Pty Ltd’s holdings, making the stock its 16th largest position. Northcape Capital Pty Ltd’s holdings in Adobe were worth $3,424,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $1,757,029,000. Moneta Group Investment Advisors LLC grew its stake in shares of Adobe by 115,991.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Concentrum Wealth Management boosted its holdings in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. Morgan Stanley lifted its position in shares of Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock worth $5,340,250 in the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Adobe stock traded down $2.57 during mid-day trading on Thursday, reaching $501.83. The company’s stock had a trading volume of 1,351,758 shares, compared to its average volume of 3,638,210. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The business has a 50 day moving average price of $573.39 and a 200-day moving average price of $571.57. The firm has a market cap of $227.10 billion, a price-to-earnings ratio of 48.02, a PEG ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share 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 business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday. TD Cowen reduced their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. UBS Group dropped their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Wells Fargo & Company lowered their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.