Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Larson Financial Group LLC

Larson Financial Group LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 40.0% during the fourth quarter, Holdings Channel reports. The firm owned 640 shares of the software company’s stock after purchasing an additional 183 shares during the quarter. Larson Financial Group LLC’s holdings in Adobe were worth $382,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Rockland Trust Co. boosted its holdings in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares during the period. Federated Hermes Inc. boosted its stake in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC grew its position in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC acquired a new stake in Adobe during the 3rd quarter valued at $4,141,000. Finally, Guinness Asset Management LTD lifted its holdings in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 984 shares of company stock valued at $577,171. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. Wells Fargo & Company dropped their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Robert W. Baird dropped their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. KeyCorp initiated coverage on shares of Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Barclays decreased their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Up 1.3 %

ADBE stock opened at $472.90 on Wednesday. The stock has a market capitalization of $211.86 billion, a price-to-earnings ratio of 45.21, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The company has a 50-day moving average of $521.61 and a two-hundred day moving average of $565.95. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.97 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a share buyback 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 reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Adobe Company 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.