Charles Schwab Investment Management Inc. Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Charles Schwab Investment Management Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,602,297 shares of the software company’s stock after purchasing an additional 66,180 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Adobe were worth $1,552,530,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $39,000. Hanseatic Management Services Inc. purchased a new position in Adobe in the third quarter valued at $45,000. Finally, First Command Advisory Services Inc. purchased a new position in shares of Adobe in the 3rd quarter valued at about $52,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the firm’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 sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.4 %

NASDAQ ADBE traded down $2.13 during trading on Wednesday, reaching $490.14. The company’s stock had a trading volume of 893,009 shares, compared to its average volume of 3,401,890. The business has a 50-day moving average price of $505.80 and a 200-day moving average price of $561.00. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market capitalization of $219.58 billion, a PE ratio of 47.31, a PEG ratio of 2.63 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 (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $2.97 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. On average, research analysts forecast 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 share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a 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 on the stock. in a research note on Thursday, January 18th. Finally, KeyCorp assumed coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.