Knights of Columbus Asset Advisors LLC Sells 2,671 Shares of Adobe Inc. (NASDAQ:ADBE)

Knights of Columbus Asset Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 23.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,783 shares of the software company’s stock after selling 2,671 shares during the period. Knights of Columbus Asset Advisors LLC’s holdings in Adobe were worth $5,240,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of ADBE. One Charles Private Wealth Services LLC lifted its stake in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares during the last quarter. Invst LLC boosted its holdings in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares in the last quarter. Raleigh Capital Management Inc. grew its position in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC increased its holdings in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised its position in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Barclays dropped their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Finally, Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

Shares of ADBE stock opened at $465.02 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a 50-day moving average of $527.09 and a 200-day moving average of $565.93. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a market cap of $208.33 billion, a P/E ratio of 44.46, a P/E/G ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm earned $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a stock buyback plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,075 shares of company stock valued at $1,848,418. Insiders own 0.15% of the company’s stock.

Adobe 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.