Golden State Equity Partners Has $564,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Golden State Equity Partners boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 945 shares of the software company’s stock after buying an additional 26 shares during the quarter. Golden State Equity Partners’ holdings in Adobe were worth $564,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ADBE. Oak Thistle LLC bought a new stake in Adobe in the third quarter valued at approximately $472,000. Patriot Financial Group Insurance Agency LLC raised its stake in Adobe by 14.2% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,612 shares of the software company’s stock valued at $822,000 after buying an additional 200 shares during the period. TFG Advisers LLC bought a new stake in Adobe in the third quarter valued at approximately $240,000. Investment Research & Advisory Group Inc. increased its stake in shares of Adobe by 3.1% during the third quarter. Investment Research & Advisory Group Inc. now owns 3,810 shares of the software company’s stock worth $1,943,000 after purchasing an additional 115 shares during the period. Finally, Zullo Investment Group Inc. increased its stake in shares of Adobe by 6.5% during the third quarter. Zullo Investment Group Inc. now owns 781 shares of the software company’s stock worth $398,000 after purchasing an additional 48 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was 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 of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ADBE. Barclays lowered their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Piper Sandler reiterated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Up 0.9 %

ADBE traded up $4.12 during midday trading on Friday, hitting $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. The firm has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm’s 50 day moving average price is $515.34 and its 200-day moving average price is $564.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for 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 quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.