Adobe Inc. (NASDAQ:ADBE) Shares Sold by Eagle Ridge Investment Management

Eagle Ridge Investment Management reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,611 shares of the software company’s stock after selling 404 shares during the period. Adobe accounts for approximately 2.6% of Eagle Ridge Investment Management’s holdings, making the stock its 11th biggest position. Eagle Ridge Investment Management’s holdings in Adobe were worth $28,566,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Waverly Advisors LLC grew its holdings in Adobe by 49.6% during the third quarter. Waverly Advisors LLC now owns 1,146 shares of the software company’s stock worth $584,000 after acquiring an additional 380 shares during the period. Truist Financial Corp grew its stake in shares of Adobe by 18.8% in the 3rd quarter. Truist Financial Corp now owns 241,903 shares of the software company’s stock worth $123,346,000 after purchasing an additional 38,352 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in shares of Adobe by 40.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 20,474 shares of the software company’s stock worth $10,440,000 after purchasing an additional 5,870 shares in the last quarter. AXQ Capital LP acquired a new stake in Adobe during the third quarter valued at approximately $1,122,000. Finally, Alkeon Capital Management LLC bought a new stake in Adobe during the third quarter worth approximately $152,970,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.4 %

Shares of NASDAQ:ADBE traded up $7.70 on Tuesday, reaching $567.71. The company had a trading volume of 2,874,647 shares, compared to its average volume of 3,580,381. The stock has a market capitalization of $251.72 billion, a P/E ratio of 51.12, a P/E/G ratio of 2.90 and a beta of 1.30. The stock has a 50-day moving average price of $486.90 and a 200 day moving average price of $534.09. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. 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 (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share 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 firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the company earned $3.04 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company lifted their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Robert W. Baird lifted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $607.67.

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.