Signet Financial Management LLC Has $2.72 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Signet Financial Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,550 shares of the software company’s stock after buying an additional 120 shares during the period. Signet Financial Management LLC’s holdings in Adobe were worth $2,715,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Iron Horse Wealth Management LLC acquired a new position in Adobe in the 3rd quarter worth about $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates increased its holdings in 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 purchasing an additional 19 shares in the last quarter. Financial Freedom LLC acquired a new position in Adobe in the 4th quarter worth about $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $5.67 on Tuesday, hitting $475.77. 1,673,086 shares of the stock traded hands, compared to its average volume of 3,598,936. The business’s fifty day moving average is $538.63 and its two-hundred day moving average is $567.86. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The firm has a market capitalization of $213.14 billion, a price-to-earnings ratio of 45.19, a PEG ratio of 2.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced 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. 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 company earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback program 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 programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated 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 sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on ADBE. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.