Tyche Wealth Partners LLC Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

Tyche Wealth Partners LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,558 shares of the software company’s stock, valued at approximately $930,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rockland Trust Co. boosted its position in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Mainsail Financial Group LLC boosted its position in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $4,141,000. Guinness Asset Management LTD boosted its position in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its position in shares of Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after purchasing an additional 1,732 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was 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 directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the business’s 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 in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,063 shares of company stock valued at $1,853,025 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 1.3 %

Shares of ADBE stock traded up $6.12 on Tuesday, reaching $476.22. 2,658,924 shares of the stock were exchanged, compared to its average volume of 3,613,352. The stock has a market cap of $213.35 billion, a P/E ratio of 45.57, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. 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 firm has a 50 day moving average of $538.63 and a two-hundred day moving average of $567.86. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 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 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 period in the prior year, the firm posted $2.97 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock 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 repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. KeyCorp assumed coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Robert W. Baird decreased their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two equities research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Company 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.