Czech National Bank Has $40.13 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Czech National Bank cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 79,529 shares of the software company’s stock after selling 227 shares during the period. Czech National Bank’s holdings in Adobe were worth $40,130,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth $35,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe in the third quarter valued at $45,000. Vima LLC acquired a new position in shares of Adobe in the fourth quarter valued at $55,000. Pineridge Advisors LLC acquired a new position in shares of Adobe in the fourth quarter valued at $60,000. Finally, Scarborough Advisors LLC acquired a new position in shares of Adobe in the fourth quarter valued at $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on ADBE shares. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a report on Friday, June 14th. Sanford C. Bernstein upped their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Finally, Citigroup reduced their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research 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 given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Price Performance

Shares of ADBE stock traded up $0.70 on Thursday, reaching $522.95. The company had a trading volume of 5,750,375 shares, compared to its average volume of 3,555,961. The stock has a market capitalization of $234.28 billion, a PE ratio of 46.99, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s 50-day moving average is $477.39 and its 200 day moving average is $538.58.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the prior year, the business earned $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.68 EPS 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.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were 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 owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 3,270 shares of company stock valued at $1,563,166 over the last quarter. 0.15% of the stock is owned by company insiders.

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.