Adobe Inc. (NASDAQ:ADBE) Stock Position Lifted by Overbrook Management Corp

Overbrook Management Corp increased its stake in Adobe Inc. (NASDAQ:ADBE) by 50.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 600 shares of the software company’s stock after purchasing an additional 200 shares during the period. Overbrook Management Corp’s holdings in Adobe were worth $358,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Motley Fool Asset Management LLC lifted its holdings in shares of Adobe by 4.2% in the 4th quarter. Motley Fool Asset Management LLC now owns 13,858 shares of the software company’s stock worth $8,268,000 after purchasing an additional 555 shares during the last quarter. Evolution Advisers Inc. increased its position in Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after acquiring an additional 17 shares during the period. Wisconsin Capital Management LLC increased its position in Adobe by 1.5% in the 4th quarter. Wisconsin Capital Management LLC now owns 10,309 shares of the software company’s stock valued at $6,150,000 after acquiring an additional 150 shares during the period. Bank Julius Baer & Co. Ltd Zurich increased its position in Adobe by 1.2% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 622,423 shares of the software company’s stock valued at $371,338,000 after acquiring an additional 7,661 shares during the period. Finally, Abbrea Capital LLC increased its position in Adobe by 1.5% in the 4th quarter. Abbrea Capital LLC now owns 4,516 shares of the software company’s stock valued at $2,694,000 after acquiring an additional 67 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $477.56 on Friday. The business’s 50-day moving average price is $515.34 and its two-hundred day moving average price is $564.33. 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 Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 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 firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Robert W. Baird lowered their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Stifel Nicolaus dropped their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.