Planned Solutions Inc. Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

Planned Solutions Inc. bought a new position in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 669 shares of the software company’s stock, valued at approximately $399,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter valued at $25,000. HBC Financial Services PLLC bought a new position in Adobe in the third quarter worth about $25,000. Global Wealth Strategies & Associates grew its position in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $29,000. Finally, Halpern Financial Inc. raised its stake in shares of Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ADBE. JPMorgan Chase & Co. cut their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Robert W. Baird cut their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company decreased their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Bank of America cut their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $504.40 on Thursday. The business’s 50 day moving average price is $573.39 and its 200-day moving average price is $571.57. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The firm has a market capitalization of $228.27 billion, a PE ratio of 48.22, a P/E/G ratio of 2.75 and a beta of 1.29. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business earned $2.97 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.