Advocate Group LLC Buys 180 Shares of Adobe Inc. (NASDAQ:ADBE)

Advocate Group LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 11,198 shares of the software company’s stock after acquiring an additional 180 shares during the quarter. Adobe accounts for approximately 1.4% of Advocate Group LLC’s portfolio, making the stock its 24th largest position. Advocate Group LLC’s holdings in Adobe were worth $6,681,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADBE. Iron Horse Wealth Management LLC purchased a new position in Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter worth $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC purchased a new position in Adobe in the 4th quarter worth $29,000. Finally, Halpern Financial Inc. raised its position in Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ADBE shares. UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Wednesday. Citigroup boosted their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research report on Tuesday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday. Finally, KGI Securities upgraded shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective on the stock in a research report on Monday, December 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In other Adobe news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock valued at $5,340,250 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE traded up $0.20 during midday trading on Friday, hitting $504.60. The stock had a trading volume of 3,897,003 shares, compared to its average volume of 4,897,709. The company has a market cap of $228.36 billion, a P/E ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $569.77 and its 200-day moving average is $570.64. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.97 EPS. As a group, analysts predict that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its board has initiated a share buyback 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 often an indication that the company’s board of directors believes its stock is 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.