Adobe Inc. (NASDAQ:ADBE) Shares Bought by Bailard Inc.

Bailard Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 3.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,562 shares of the software company’s stock after buying an additional 1,422 shares during the quarter. Adobe makes up 0.9% of Bailard Inc.’s investment portfolio, making the stock its 25th largest holding. Bailard Inc.’s holdings in Adobe were worth $29,569,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rockland Trust Co. raised its holdings in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares during the period. Federated Hermes Inc. raised its holdings in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC raised its holdings in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the period. Team Hewins LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $4,141,000. Finally, Guinness Asset Management LTD raised its holdings in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $4.22 during trading hours on Wednesday, reaching $477.12. The stock had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. The firm has a market cap of $213.75 billion, a price-to-earnings ratio of 45.61, a PEG ratio of 2.53 and a beta of 1.28. 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 fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a 50-day moving average of $519.06 and a 200-day moving average of $565.33.

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

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

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of Adobe 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 sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 984 shares of company stock worth $577,171. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. JMP Securities restated 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 on the stock in a report on Friday, March 15th. Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.