Adobe Inc. (NASDAQ:ADBE) Shares Sold by Citizens & Northern Corp

Citizens & Northern Corp trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,574 shares of the software company’s stock after selling 105 shares during the period. Citizens & Northern Corp’s holdings in Adobe were worth $1,536,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Morgan Stanley raised its stake in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter valued at about $3,277,785,000. Northern Trust Corp raised its stake in shares of Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares during the period. Fisher Asset Management LLC lifted its holdings in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. 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 insiders.

Adobe Stock Down 0.4 %

Shares of NASDAQ:ADBE traded down $2.06 during trading on Thursday, hitting $481.87. The company’s stock had a trading volume of 1,657,325 shares, compared to its average volume of 3,315,194. Adobe Inc. has a fifty-two week low of $361.72 and a fifty-two week high of $638.25. The business has a 50 day moving average price of $488.89 and a two-hundred day moving average price of $556.83. 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 company has a market capitalization of $215.88 billion, a PE ratio of 46.26, a P/E/G ratio of 2.61 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADBE shares. Piper Sandler reissued an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Wells Fargo & Company cut 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. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Finally, Mizuho reaffirmed a “buy” rating and set a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus 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.