Motley Fool Asset Management LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Motley Fool Asset Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 4th quarter, Holdings Channel reports. The firm owned 13,858 shares of the software company’s stock after purchasing an additional 555 shares during the period. Motley Fool Asset Management LLC’s holdings in Adobe were worth $8,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC purchased a new stake in Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC purchased a new stake in Adobe in the 3rd quarter valued at $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 valued at $27,000 after purchasing an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter valued at $35,000. Finally, BluePath Capital Management LLC purchased a new stake in Adobe in the 3rd quarter valued at $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies dropped their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. TD Cowen dropped their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s 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 transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s 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 transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 293 shares of company stock worth $137,656. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $3.68 during trading hours on Thursday, reaching $473.44. The company’s stock had a trading volume of 2,245,608 shares, compared to its average volume of 3,510,927. The stock has a market cap of $212.10 billion, a PE ratio of 45.26, a PEG ratio of 2.56 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company’s 50-day moving average is $516.72 and its two-hundred day moving average is $564.69. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. 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 earned $2.97 EPS. Analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally 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.