Well Done LLC Buys 96 Shares of Adobe Inc. (NASDAQ:ADBE)

Well Done LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 23.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 512 shares of the software company’s stock after purchasing an additional 96 shares during the quarter. Well Done LLC’s holdings in Adobe were worth $305,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Procyon Advisors LLC raised its position in shares of Adobe by 12.9% during the fourth quarter. Procyon Advisors LLC now owns 7,180 shares of the software company’s stock worth $4,284,000 after acquiring an additional 818 shares during the last quarter. Planned Solutions Inc. bought a new stake in Adobe during the 4th quarter worth about $399,000. IFG Advisory LLC lifted its position in Adobe by 8.8% during the 4th quarter. IFG Advisory LLC now owns 2,091 shares of the software company’s stock valued at $1,247,000 after purchasing an additional 170 shares during the period. Highland Capital Management LLC grew its position in shares of Adobe by 6.2% during the 4th quarter. Highland Capital Management LLC now owns 5,709 shares of the software company’s stock worth $3,406,000 after buying an additional 335 shares during the period. Finally, RNC Capital Management LLC grew its position in shares of Adobe by 1.8% during the 4th quarter. RNC Capital Management LLC now owns 16,086 shares of the software company’s stock worth $9,597,000 after buying an additional 278 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David Wadhwani sold 6,099 shares of Adobe 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 owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is owned by insiders.

Adobe Stock Down 0.2 %

ADBE traded down $0.91 during trading hours on Thursday, hitting $503.49. 2,217,756 shares of the company’s stock were exchanged, compared to its average volume of 3,651,567. The stock has a market cap of $227.85 billion, a price-to-earnings ratio of 48.02, a PEG ratio of 2.75 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 stock’s 50-day moving average is $573.39 and its two-hundred day moving average is $571.57. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows 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 leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. KGI Securities raised Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective for the company in a research note on Monday, December 4th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday. Finally, Piper Sandler Companies lowered their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $620.72.

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.