Adobe Inc. (NASDAQ:ADBE) Shares Sold by Centaurus Financial Inc.

Centaurus Financial Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,048 shares of the software company’s stock after selling 99 shares during the period. Centaurus Financial Inc.’s holdings in Adobe were worth $1,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Adobe during the fourth quarter worth about $3,277,785,000. International Assets Investment Management LLC acquired a new stake in Adobe in the fourth quarter valued at about $875,592,000. Price T Rowe Associates Inc. MD lifted its position in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares during the period. Putnam Investments LLC lifted its position in Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after purchasing an additional 307,479 shares during the period. Finally, Alkeon Capital Management LLC acquired a new stake in Adobe in the third quarter valued at about $152,970,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on 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 transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on 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 owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly 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 corporate insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Barclays raised their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday. KeyCorp increased their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $604.35.

Adobe Trading Up 14.5 %

Shares of ADBE traded up $66.57 during mid-day trading on Friday, reaching $525.31. The company had a trading volume of 14,846,614 shares, compared to its average volume of 3,281,535. The stock has a market cap of $235.34 billion, a price-to-earnings ratio of 47.20, a price-to-earnings-growth ratio of 2.84 and a beta of 1.27. The firm has a fifty day simple moving average of $474.63 and a 200-day simple moving average of $540.63. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 39.98%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $3.04 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

About Adobe

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.