Pacer Advisors Inc. Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Pacer Advisors Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 6.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,165 shares of the software company’s stock after selling 3,155 shares during the period. Pacer Advisors Inc.’s holdings in Adobe were worth $20,519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Carmichael Hill & Associates Inc. purchased a new position in Adobe in the 4th quarter valued at approximately $25,000. Concord Wealth Partners purchased a new position in Adobe in the 4th quarter valued at approximately $32,000. Cordasco Financial Network increased its stake in Adobe by 54.3% in the 4th quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock valued at $36,000 after purchasing an additional 25 shares in the last quarter. Capstone Triton Financial Group LLC purchased a new position in Adobe in the 4th quarter valued at approximately $46,000. Finally, Curi Capital purchased a new position in Adobe in the 4th quarter valued at approximately $48,000. 82.43% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO Shantanu Narayen sold 80,907 shares of Adobe stock in a transaction dated Monday, January 25th. The stock was sold at an average price of $471.85, for a total transaction of $38,175,967.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Abhay Parasnis sold 4,000 shares of Adobe stock in a transaction dated Wednesday, February 10th. The stock was sold at an average price of $499.17, for a total value of $1,996,680.00. Following the sale, the executive vice president now directly owns 43,746 shares in the company, valued at $21,836,690.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,558 shares of company stock worth $52,990,341. 0.31% of the stock is currently owned by insiders.

Several equities analysts have weighed in on ADBE shares. UBS Group reissued a “buy” rating on shares of Adobe in a research report on Thursday. Bank of America started coverage on Adobe in a research report on Thursday. They set a “buy” rating for the company. Credit Suisse Group started coverage on Adobe in a research report on Tuesday, March 16th. They set an “outperform” rating and a $575.00 price target for the company. JPMorgan Chase & Co. raised their price target on Adobe from $585.00 to $595.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 24th. Finally, Morgan Stanley lifted their price objective on Adobe from $560.00 to $575.00 and gave the company an “overweight” rating in a research report on Tuesday, March 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $547.58.

Shares of ADBE traded up $8.19 during midday trading on Thursday, reaching $501.60. 42,204 shares of the company were exchanged, compared to its average volume of 2,869,100. The stock has a 50-day moving average price of $461.15 and a 200-day moving average price of $476.51. The company has a market cap of $239.76 billion, a price-to-earnings ratio of 45.52, a P/E/G ratio of 2.55 and a beta of 0.97. Adobe Inc. has a 1-year low of $308.20 and a 1-year high of $536.88. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 EPS for the quarter, topping the Zacks’ consensus estimate of $2.79 by $0.35. The company had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The firm’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.27 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 9.47 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, December 10th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Further Reading: Special Purpose Acquisition Company (SPAC)

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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