Adobe Inc. (NASDAQ:ADBE) Shares Bought by Sandbox Financial Partners LLC

Sandbox Financial Partners LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 21.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 506 shares of the software company’s stock after purchasing an additional 90 shares during the period. Sandbox Financial Partners LLC’s holdings in Adobe were worth $302,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. VELA Investment Management LLC grew its stake in shares of Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after acquiring an additional 1,077 shares in the last quarter. Bornite Capital Management LP acquired a new stake in Adobe during the 1st quarter valued at approximately $15,947,000. United Bank raised its position in shares of Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after purchasing an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC raised its holdings in Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after acquiring an additional 3,860 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADBE shares. JPMorgan Chase & Co. cut their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday. 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 report on Friday, March 15th. Bank of America reduced their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Robert W. Baird dropped their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

NASDAQ:ADBE traded up $0.20 during trading hours on Friday, reaching $504.60. 3,897,003 shares of the company’s stock were exchanged, compared to its average volume of 4,897,709. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $228.36 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 2.73 and a beta of 1.29. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The business’s 50-day simple moving average is $571.55 and its two-hundred day simple moving average is $571.10.

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

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

Insider Activity at Adobe

In other news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value 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 $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction 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. In the last 90 days, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is owned by corporate insiders.

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.