Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Moss Adams Wealth Advisors LLC

Moss Adams Wealth Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 4.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 553 shares of the software company’s stock after purchasing an additional 23 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Adobe were worth $330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in ADBE. One Charles Private Wealth Services LLC boosted its position in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares during the period. Invst LLC raised its position in Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. boosted its stake in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC grew its position in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research report on Thursday, January 18th. Finally, BMO Capital Markets restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

Shares of ADBE traded down $4.17 during trading hours on Wednesday, reaching $488.10. 2,164,807 shares of the company traded hands, compared to its average volume of 3,417,364. The stock has a market capitalization of $218.67 billion, a PE ratio of 46.66, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The stock has a fifty day simple moving average of $505.80 and a 200 day simple moving average of $561.00. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. 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 released its quarterly earnings results 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 company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $2.97 EPS. As a group, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on 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 in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction 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 sale, 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. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe 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.