Masso Torrence Wealth Management Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Masso Torrence Wealth Management Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 849 shares of the software company’s stock after purchasing an additional 29 shares during the quarter. Masso Torrence Wealth Management Inc.’s holdings in Adobe were worth $507,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Lorne Steinberg Wealth Management Inc. raised its holdings in Adobe by 2.2% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 9,068 shares of the software company’s stock worth $5,410,000 after purchasing an additional 193 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Adobe by 4.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,174 shares of the software company’s stock worth $1,297,000 after purchasing an additional 96 shares in the last quarter. SlateStone Wealth LLC boosted its position in Adobe by 2.7% in the 4th quarter. SlateStone Wealth LLC now owns 5,892 shares of the software company’s stock worth $3,515,000 after purchasing an additional 156 shares in the last quarter. Larson Financial Group LLC boosted its position in Adobe by 40.0% in the 4th quarter. Larson Financial Group LLC now owns 640 shares of the software company’s stock worth $382,000 after purchasing an additional 183 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its stake in shares of Adobe by 12.1% during the 4th quarter. Illinois Municipal Retirement Fund now owns 53,278 shares of the software company’s stock worth $31,786,000 after buying an additional 5,749 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. HSBC reduced their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. 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 company has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock valued at $1,848,418 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.4 %

ADBE traded up $6.58 during midday trading on Tuesday, hitting $473.47. The company had a trading volume of 1,370,394 shares, compared to its average volume of 3,530,708. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $212.11 billion, a price-to-earnings ratio of 44.88, a PEG ratio of 2.52 and a beta of 1.28. The stock’s 50 day moving average price is $524.19 and its 200 day moving average price is $566.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The business 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 firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.97 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

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.