Gilliland Jeter Wealth Management LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Gilliland Jeter Wealth Management LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, Holdings Channel reports. The fund purchased 522 shares of the software company’s stock, valued at approximately $311,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Morgan Stanley lifted its position in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after buying an additional 277,484 shares in the last quarter. Northern Trust Corp increased its stake in shares of Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Invesco Ltd. increased its stake in shares of Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares during the last quarter. Finally, Concentrum Wealth Management increased its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. BMO Capital Markets restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Barclays decreased their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Finally, BNP Paribas lowered 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. Two research 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’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

NASDAQ:ADBE traded up $4.12 on Friday, hitting $477.56. The company had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. The stock has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.56 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. The firm has a 50 day moving average of $515.34 and a two-hundred day moving average of $564.33. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate 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 net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.97 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’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 value of $45,120.00. Following the completion of 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 filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock valued at $137,656 in the last quarter. Insiders own 0.15% of the company’s stock.

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.