Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Nvest Financial LLC

Nvest Financial LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 113.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 929 shares of the software company’s stock after purchasing an additional 493 shares during the quarter. Nvest Financial LLC’s holdings in Adobe were worth $469,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ADBE. Norges Bank acquired a new stake in Adobe during the fourth quarter worth approximately $3,277,785,000. Wellington Management Group LLP boosted its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Adobe during the fourth quarter worth approximately $875,592,000. Price T Rowe Associates Inc. MD boosted its position in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after acquiring an additional 590,533 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after acquiring an additional 307,479 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 1.4 %

Shares of Adobe stock traded up $7.70 during midday trading on Tuesday, hitting $567.71. The company’s stock had a trading volume of 2,872,880 shares, compared to its average volume of 3,580,381. The firm has a market capitalization of $251.72 billion, a P/E ratio of 51.12, a PEG ratio of 2.90 and a beta of 1.30. The stock has a 50-day simple moving average of $486.90 and a 200-day simple moving average of $534.09. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the company earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup decreased their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,270 shares of company stock worth $15,165,916. Corporate insiders own 0.15% of the company’s stock.

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.