Commonwealth Equity Services LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Commonwealth Equity Services LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 4th quarter, Holdings Channel reports. The firm owned 153,145 shares of the software company’s stock after acquiring an additional 2,176 shares during the period. Commonwealth Equity Services LLC’s holdings in Adobe were worth $91,366,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADBE. Rockland Trust Co. grew its stake in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its position in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC bought a new position in Adobe during the third quarter valued at approximately $4,141,000. Finally, Naviter Wealth LLC grew its holdings in Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after buying an additional 996 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on 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 directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 2.0 %

Shares of ADBE traded up $9.61 during midday trading on Friday, reaching $486.18. 2,832,702 shares of the stock were exchanged, compared to its average volume of 3,457,650. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $509.68 and its two-hundred day moving average is $562.19. The company has a market capitalization of $217.81 billion, a P/E ratio of 46.48, a PEG ratio of 2.54 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm posted $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current 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.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. HSBC lowered their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. Finally, Oppenheimer restated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. 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, Adobe currently has an average rating of “Moderate Buy” and an average price target 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.