Outlook Wealth Advisors LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Outlook Wealth Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 36.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 709 shares of the software company’s stock after buying an additional 190 shares during the period. Outlook Wealth Advisors LLC’s holdings in Adobe were worth $358,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Impact Partnership Wealth LLC raised its stake in shares of Adobe by 459.5% during the third quarter. Impact Partnership Wealth LLC now owns 235 shares of the software company’s stock valued at $120,000 after purchasing an additional 193 shares during the period. Meridian Wealth Management LLC increased its position in shares of Adobe by 15.1% during the third quarter. Meridian Wealth Management LLC now owns 1,831 shares of the software company’s stock worth $934,000 after acquiring an additional 240 shares during the last quarter. Washington Trust Advisors Inc. lifted its stake in shares of Adobe by 32.5% in the third quarter. Washington Trust Advisors Inc. now owns 163 shares of the software company’s stock worth $83,000 after acquiring an additional 40 shares in the last quarter. Koshinski Asset Management Inc. boosted its holdings in Adobe by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 2,520 shares of the software company’s stock valued at $1,285,000 after purchasing an additional 24 shares during the last quarter. Finally, SS&H Financial Advisors Inc. acquired a new stake in Adobe during the 3rd quarter valued at approximately $702,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. TD Cowen decreased their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. DA Davidson reiterated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. Finally, KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. 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. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’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 transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s 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 transaction, the chief accounting officer now directly 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 accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 over the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 0.9 %

ADBE traded up $4.12 during trading on Friday, reaching $477.56. The company had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm’s 50-day simple moving average is $515.34 and its 200 day simple moving average is $564.33. The company has a market cap 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 debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm posted $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are 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.