2,503 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Skyline Advisors Inc.

Skyline Advisors Inc. bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, HoldingsChannel reports. The firm bought 2,503 shares of the software company’s stock, valued at approximately $1,493,000. Adobe comprises approximately 0.7% of Skyline Advisors Inc.’s holdings, making the stock its 23rd largest position.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $875,592,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC raised its position in shares of Adobe by 41.2% in the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after purchasing an additional 307,479 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $518.74 on Tuesday. The company has a fifty day simple moving average of $475.32 and a 200-day simple moving average of $539.44. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $232.40 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.04 EPS. On average, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADBE. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Adobe in a report on Friday. 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 report on Friday. DA Davidson reissued a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Finally, Citigroup cut their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on 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 owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred 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 approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

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.