IFG Advisory LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

IFG Advisory LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,091 shares of the software company’s stock after purchasing an additional 170 shares during the period. IFG Advisory LLC’s holdings in Adobe were worth $1,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Adobe in the 4th quarter worth approximately $1,757,029,000. Moneta Group Investment Advisors LLC increased its stake in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after buying an additional 3,245,427 shares during the last quarter. Concentrum Wealth Management raised its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. Morgan Stanley boosted its stake in Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on ADBE shares. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday. HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, Robert W. Baird lowered their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of ADBE stock opened at $504.40 on Thursday. The company has a market capitalization of $228.27 billion, a price-to-earnings ratio of 48.22, a P/E/G ratio of 2.74 and a beta of 1.29. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The stock’s fifty day simple moving average is $573.39 and its 200-day simple moving average is $571.57.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.97 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock valued at $5,340,250 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.