Sivia Capital Partners LLC Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Sivia Capital Partners LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the first quarter, Holdings Channel reports. The firm owned 1,110 shares of the software company’s stock after selling 22 shares during the period. Sivia Capital Partners LLC’s holdings in Adobe were worth $560,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Morgan Stanley boosted its holdings in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after acquiring an additional 590,533 shares during the period. Norges Bank purchased a new position in Adobe in the 4th quarter worth approximately $3,277,785,000. Fisher Asset Management LLC boosted its holdings in Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Adobe by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after acquiring an additional 66,180 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADBE. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. BMO Capital Markets increased their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, Piper Sandler reiterated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Price Performance

NASDAQ:ADBE traded down $1.93 during mid-day trading on Wednesday, reaching $565.78. 760,201 shares of the stock were exchanged, compared to its average volume of 3,559,590. The business has a fifty day moving average price of $488.79 and a 200 day moving average price of $533.97. The firm has a market capitalization of $250.87 billion, a PE ratio of 50.85, a PEG ratio of 2.90 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $3.04 earnings per share. Research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a share 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 purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.