Sfmg LLC Buys 23 Shares of Adobe Inc. (NASDAQ:ADBE)

Sfmg LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 680 shares of the software company’s stock after buying an additional 23 shares during the period. Sfmg LLC’s holdings in Adobe were worth $406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in Adobe by 1.5% in the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock worth $7,180,322,000 after purchasing an additional 269,173 shares during the last quarter. Morgan Stanley increased its position in Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Northern Trust Corp increased its position in Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares during the last quarter. Norges Bank bought a new stake in Adobe in the fourth quarter worth $1,757,029,000. Finally, Jennison Associates LLC increased its position in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Oppenheimer restated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. UBS Group dropped their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Robert W. Baird dropped their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, HSBC dropped their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock worth $1,848,418 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $474.45 on Thursday. The company has a market capitalization of $212.55 billion, a PE ratio of 45.36, a P/E/G ratio of 2.58 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. The company has a 50-day simple moving average of $533.19 and a two-hundred day simple moving average of $566.97. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. Research analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.