Veritas Investment Partners UK Ltd. Sells 11,139 Shares of Adobe Inc. (NASDAQ:ADBE) (2024)

Veritas Investment Partners UK Ltd. lowered its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 4.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 230,107 shares of the software company’s stock after selling 11,139 shares during the period. Adobe accounts for 3.0% of Veritas Investment Partners UK Ltd.’s portfolio, making the stock its 19th largest holding. Veritas Investment Partners UK Ltd. owned about 0.05% of Adobe worth $137,304,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Westwood Holdings Group Inc. raised its position in Adobe by 18.4% in the 4th quarter. Westwood Holdings Group Inc. now owns 3,372 shares of the software company’s stock worth $2,012,000 after purchasing an additional 525 shares during the last quarter. Watchman Group Inc. bought a new position in Adobe in the 4th quarter worth approximately $295,000. Waterloo Capital L.P. raised its position in Adobe by 19.3% in the 4th quarter. Waterloo Capital L.P. now owns 3,348 shares of the software company’s stock worth $1,997,000 after purchasing an additional 542 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd raised its position in Adobe by 52.8% in the 4th quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 85,806 shares of the software company’s stock worth $51,192,000 after purchasing an additional 29,652 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd raised its position in Adobe by 10.7% in the 4th quarter. Central Asset Investments & Management Holdings HK Ltd now owns 1,363 shares of the software company’s stock worth $813,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $465.43 on Friday. The firm has a market cap of $208.51 billion, a PE ratio of 44.50, a PEG ratio of 2.52 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 1-year low of $423.58 and a 1-year high of $638.25. The company has a fifty day moving average price of $476.71 and a 200 day moving average price of $545.77.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADBE. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer dropped their price objective on shares of Adobe from $660.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday. Barclays lowered their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. HSBC lowered their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a report on Friday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $612.79.

Check Out Our Latest Report on Adobe

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated 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 directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Company Profile

(Free Report)

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.

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