Seaview Investment Managers LLC Has $8.44 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Seaview Investment Managers LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 6.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,146 shares of the software company’s stock after selling 1,043 shares during the quarter. Adobe accounts for 2.7% of Seaview Investment Managers LLC’s portfolio, making the stock its 13th largest position. Seaview Investment Managers LLC’s holdings in Adobe were worth $8,440,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. HBC Financial Services PLLC bought a new position in Adobe in the third quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter valued at $35,000. BluePath Capital Management LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $39,000. Hanseatic Management Services Inc. bought a new stake in shares of Adobe in the 3rd quarter valued at about $45,000. Finally, Hoey Investments Inc. lifted its stake in Adobe by 526.7% in the 3rd quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock valued at $48,000 after purchasing an additional 79 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The stock was 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 in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293 shares of company stock worth $137,656. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADBE. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Mizuho reaffirmed a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. UBS Group cut their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, TD Cowen lowered their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of ADBE traded up $6.56 during midday trading on Wednesday, hitting $469.39. The company’s stock had a trading volume of 2,489,057 shares, compared to its average volume of 3,476,279. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a market capitalization of $210.29 billion, a price-to-earnings ratio of 44.87, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company’s fifty day simple moving average is $510.90 and its two-hundred day simple moving average is $562.78.

Adobe (NASDAQ:ADBE) last released 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. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.97 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

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.