Argus Investors Counsel Inc. Purchases 146 Shares of Adobe Inc. (NASDAQ:ADBE)

Argus Investors Counsel Inc. grew its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 2.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 5,530 shares of the software company’s stock after acquiring an additional 146 shares during the period. Adobe accounts for approximately 1.7% of Argus Investors Counsel Inc.’s investment portfolio, making the stock its 15th biggest position. Argus Investors Counsel Inc.’s holdings in Adobe were worth $2,790,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Pinnacle West Asset Management Inc. grew its holdings in Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after acquiring an additional 90 shares during the period. WealthPlan Investment Management LLC grew its holdings in Adobe by 223,500.0% during the 3rd quarter. WealthPlan Investment Management LLC now owns 4,472 shares of the software company’s stock worth $2,280,000 after acquiring an additional 4,470 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Adobe by 7.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 3,870 shares of the software company’s stock worth $1,973,000 after acquiring an additional 280 shares during the period. Jackson Creek Investment Advisors LLC grew its holdings in Adobe by 9.4% during the 3rd quarter. Jackson Creek Investment Advisors LLC now owns 618 shares of the software company’s stock worth $315,000 after acquiring an additional 53 shares during the period. Finally, Q3 Asset Management acquired a new stake in Adobe during the 3rd quarter worth about $2,474,000. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now 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 a total of 3,006 shares of company stock worth $1,424,432 in the last quarter. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADBE. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. BMO Capital Markets restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Barclays reduced their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two equities 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Check Out Our Latest Stock Analysis on ADBE

Adobe Stock Performance

Shares of Adobe stock traded down $0.62 during mid-day trading on Thursday, hitting $483.31. 2,217,534 shares of the stock were exchanged, compared to its average volume of 3,321,392. Adobe Inc. has a 12 month low of $361.72 and a 12 month high of $638.25. The company has a 50-day simple moving average of $487.14 and a 200 day simple moving average of $556.32. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $216.52 billion, a P/E ratio of 46.21, a P/E/G ratio of 2.61 and a beta of 1.28.

Adobe (NASDAQ:ADBEGet Free Report) last posted 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 net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm earned $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share 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 purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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