Varma Mutual Pension Insurance Co Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Varma Mutual Pension Insurance Co lowered its position in Adobe Inc. (NASDAQ:ADBE) by 8.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,649 shares of the software company’s stock after selling 7,474 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Adobe were worth $43,137,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. International Assets Investment Management LLC acquired a new position in Adobe in the fourth quarter valued at approximately $1,468,000. Concentrum Wealth Management grew its position in shares of Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the period. Aveo Capital Partners LLC increased its stake in shares of Adobe by 5.9% in the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares in the last quarter. Gryphon Financial Partners LLC raised its holdings in Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the period. Finally, AGF Management Ltd. boosted its position in Adobe by 0.4% during the fourth quarter. AGF Management Ltd. now owns 8,182 shares of the software company’s stock worth $4,881,000 after purchasing an additional 34 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.8 %

NASDAQ:ADBE traded down $4.52 during mid-day trading on Friday, hitting $563.41. The stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a 50-day simple moving average of $553.72 and a two-hundred day simple moving average of $519.22. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $249.82 billion, a PE ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued 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 business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company earned $3.04 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe 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 transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last ninety days. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ADBE shares. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. KeyCorp boosted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Finally, TD Cowen reduced their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $605.52.

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.