Bryn Mawr Capital Management LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Bryn Mawr Capital Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 83.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,611 shares of the software company’s stock after buying an additional 3,472 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in Adobe were worth $4,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe in the third quarter valued at $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the third quarter valued at $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the fourth quarter valued at $35,000. Finally, BluePath Capital Management LLC purchased a new position in shares of Adobe in the third quarter valued at $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. TD Cowen cut their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. 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 report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on 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 Adobe stock opened at $477.56 on Friday. The firm has a market cap of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The stock’s fifty day moving average price is $515.34 and its 200-day moving average price is $564.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $2.97 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board 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.