Chapman Investment Management LLC Has $3.21 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Chapman Investment Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,355 shares of the software company’s stock after selling 125 shares during the period. Adobe accounts for approximately 2.4% of Chapman Investment Management LLC’s holdings, making the stock its 17th biggest holding. Chapman Investment Management LLC’s holdings in Adobe were worth $3,207,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADBE. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 10.0% during 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 last quarter. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at $3,277,785,000. Fisher Asset Management LLC grew its holdings in shares of Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $1,552,530,000 after buying an additional 66,180 shares in the last quarter. Finally, Concentrum Wealth Management raised its stake in Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $6.92 during midday trading on Thursday, hitting $557.63. The company had a trading volume of 3,189,218 shares, compared to its average volume of 3,534,196. The firm has a 50-day moving average price of $500.62 and a 200-day moving average price of $533.22. The company has a market capitalization of $247.25 billion, a PE ratio of 50.60, a P/E/G ratio of 3.00 and a beta of 1.30. 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 Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

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

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on ADBE. DA Davidson restated a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Mizuho restated a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Bank of America reduced their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Stifel Nicolaus dropped their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Finally, Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.