Intelligence Driven Advisers LLC Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Intelligence Driven Advisers LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 76.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,747 shares of the software company’s stock after acquiring an additional 758 shares during the quarter. Intelligence Driven Advisers LLC’s holdings in Adobe were worth $1,079,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HBC Financial Services PLLC purchased a new stake in Adobe in the third quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the fourth quarter valued at $35,000. BluePath Capital Management LLC purchased a new stake in Adobe in the third quarter valued at $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe in the third quarter valued at $45,000. Finally, First Command Advisory Services Inc. purchased a new stake in Adobe in the third quarter valued at $52,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.2 %

Shares of NASDAQ:ADBE traded up $5.72 on Thursday, hitting $475.11. 1,270,172 shares of the company’s stock were exchanged, compared to its average volume of 3,449,618. The firm’s 50-day moving average is $510.90 and its 200 day moving average is $562.78. The company has a market capitalization of $212.85 billion, a PE ratio of 45.17, a P/E/G ratio of 2.51 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 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 quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations 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 prior year, the firm posted $2.97 EPS. Sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ADBE shares. HSBC reduced their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a report on Thursday, January 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the company’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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by corporate insiders.

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.