Patrick M Sweeney & Associates Inc. Invests $212,000 in Adobe Inc. (NASDAQ:ADBE)

Patrick M Sweeney & Associates Inc. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 355 shares of the software company’s stock, valued at approximately $212,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Simmons Bank grew its stake in shares of Adobe by 0.7% in the 4th quarter. Simmons Bank now owns 24,790 shares of the software company’s stock valued at $14,790,000 after buying an additional 173 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Adobe by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after acquiring an additional 66,180 shares during the last quarter. Welch & Forbes LLC grew its position in Adobe by 2.2% in the fourth quarter. Welch & Forbes LLC now owns 96,983 shares of the software company’s stock worth $57,860,000 after acquiring an additional 2,045 shares in the last quarter. Peregrine Asset Advisers Inc. acquired a new position in shares of Adobe during the 4th quarter worth $245,000. Finally, Apollon Wealth Management LLC raised its holdings in shares of Adobe by 77.2% during the 4th quarter. Apollon Wealth Management LLC now owns 12,748 shares of the software company’s stock valued at $7,605,000 after purchasing an additional 5,554 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.3 %

Shares of NASDAQ ADBE traded down $1.32 during midday trading on Tuesday, reaching $492.27. 2,517,845 shares of the stock were exchanged, compared to its average volume of 3,431,529. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The business has a 50-day simple moving average of $505.80 and a two-hundred day simple moving average of $561.00. The company has a market capitalization of $220.54 billion, a price-to-earnings ratio of 47.06, a P/E/G ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for 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%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.97 EPS. As a group, equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Robert W. Baird cut their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Barclays lowered their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, TD Cowen cut their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were 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 $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. Corporate 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.