Koshinski Asset Management Inc. Buys 1,390 Shares of Adobe Inc. (NASDAQ:ADBE)

Koshinski Asset Management Inc. grew its stake in Adobe Inc. (NASDAQ:ADBE) by 55.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,910 shares of the software company’s stock after purchasing an additional 1,390 shares during the quarter. Koshinski Asset Management Inc.’s holdings in Adobe were worth $2,333,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ADBE. VELA Investment Management LLC grew its holdings in shares of Adobe by 122.2% in the 1st 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 position in Adobe during the first quarter worth approximately $15,947,000. United Bank increased its position in Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after buying an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in 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 during the last quarter. Finally, Ergoteles LLC increased its position in Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after buying an additional 3,860 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADBE. Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. HSBC reduced their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Down 2.1 %

NASDAQ ADBE opened at $474.09 on Friday. The business has a fifty day moving average price of $541.84 and a two-hundred day moving average price of $567.65. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market capitalization of $212.39 billion, a PE ratio of 45.32, a PEG ratio of 2.62 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the company earned $2.97 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was 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 directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on 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 transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Insiders sold 3,063 shares of company stock worth $1,853,025 over the last three months. Insiders own 0.15% of the company’s stock.

About Adobe

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.