Integral Investment Advisors Inc. Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Integral Investment Advisors Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.8% in the 4th quarter, Holdings Channel reports. The firm owned 1,547 shares of the software company’s stock after selling 131 shares during the quarter. Integral Investment Advisors Inc.’s holdings in Adobe were worth $923,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp lifted its position in shares of Adobe by 1.5% during the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock worth $7,180,322,000 after purchasing an additional 269,173 shares during the last quarter. Morgan Stanley raised its holdings 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 valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Norges Bank bought a new stake in shares of Adobe in the fourth quarter valued at about $1,757,029,000. Finally, Jennison Associates LLC raised its holdings in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Adobe stock traded down $1.93 during mid-day trading on Thursday, hitting $472.52. The company had a trading volume of 1,495,996 shares, compared to its average volume of 3,563,117. 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 Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company’s fifty day moving average is $533.19 and its 200-day moving average is $566.97. The company has a market capitalization of $211.69 billion, a price-to-earnings ratio of 45.55, a P/E/G ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its 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. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 EPS. Equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on ADBE shares. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. UBS Group reduced 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. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. TD Cowen dropped 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. Finally, TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock valued at $1,848,418 in the last three months. 0.15% of the stock is currently owned by company insiders.

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.