Sawgrass Asset Management LLC Has $11.85 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Sawgrass Asset Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,866 shares of the software company’s stock after selling 615 shares during the period. Adobe accounts for approximately 1.3% of Sawgrass Asset Management LLC’s portfolio, making the stock its 28th biggest holding. Sawgrass Asset Management LLC’s holdings in Adobe were worth $11,852,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new stake in shares of Adobe in the third quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the 4th quarter worth $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe during the 3rd quarter worth about $39,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the third quarter valued at about $45,000. Finally, First Command Advisory Services Inc. acquired a new stake in Adobe during the third quarter worth about $52,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. HSBC dropped their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. lowered their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated 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 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 available at the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s 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 sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,006 shares of company stock valued at $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.8 %

NASDAQ:ADBE traded down $4.17 during mid-day trading on Wednesday, hitting $488.10. The company had a trading volume of 2,164,807 shares, compared to its average volume of 3,417,364. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $218.67 billion, a P/E ratio of 46.66, a P/E/G ratio of 2.63 and a beta of 1.28. The business’s fifty day moving average is $505.80 and its two-hundred day moving average is $561.00. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

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

Adobe declared that its Board of Directors has approved a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management 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.