Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Connectus Wealth LLC

Connectus Wealth LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 3.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,252 shares of the software company’s stock after buying an additional 2,344 shares during the quarter. Connectus Wealth LLC’s holdings in Adobe were worth $40,125,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Platinum Investment Management Ltd. boosted its stake in shares of Adobe by 12.5% in the fourth quarter. Platinum Investment Management Ltd. now owns 17,320 shares of the software company’s stock valued at $10,333,000 after purchasing an additional 1,926 shares during the period. Scholtz & Company LLC raised its holdings in shares of Adobe by 15.5% during the fourth quarter. Scholtz & Company LLC now owns 8,711 shares of the software company’s stock worth $5,197,000 after purchasing an additional 1,171 shares during the period. Security National Bank raised its holdings in shares of Adobe by 1.0% during the fourth quarter. Security National Bank now owns 13,379 shares of the software company’s stock worth $7,982,000 after purchasing an additional 133 shares during the period. Sompo Asset Management Co. Ltd. raised its holdings in shares of Adobe by 9.2% during the fourth quarter. Sompo Asset Management Co. Ltd. now owns 22,366 shares of the software company’s stock worth $13,344,000 after purchasing an additional 1,876 shares during the period. Finally, Thematics Asset Management increased its holdings in shares of Adobe by 0.6% in the 4th quarter. Thematics Asset Management now owns 13,222 shares of the software company’s stock worth $7,888,000 after acquiring an additional 74 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE traded up $7.30 on Friday, hitting $465.43. 2,684,170 shares of the company’s stock traded hands, compared to its average volume of 3,017,338. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $423.58 and a one year high of $638.25. The company’s 50 day simple moving average is $476.71 and its 200-day simple moving average is $545.77. The firm has a market cap of $208.51 billion, a price-to-earnings ratio of 44.50, a P/E/G ratio of 2.48 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results 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 firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.97 EPS. As a group, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved 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 typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was 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 directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated 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 transaction, 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. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 in the last quarter. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Oppenheimer lowered their target price on shares of Adobe from $660.00 to $580.00 and set an “outperform” rating on the stock in a research note on Thursday. BMO Capital Markets lowered their target price on shares of Adobe from $610.00 to $525.00 and set an “outperform” rating on the stock in a research note on Thursday. Stifel Nicolaus lowered their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $612.79.

Read Our Latest Report on Adobe

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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