Legacy Financial Advisors Inc. Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Legacy Financial Advisors Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 8.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,860 shares of the software company’s stock after purchasing an additional 140 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Adobe were worth $1,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Rockland Trust Co. raised its position in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after buying an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its position in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at $4,141,000. Finally, Naviter Wealth LLC raised its position in shares of Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after buying an additional 996 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Barclays lowered their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. HSBC lowered their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, JPMorgan Chase & Co. reduced their target price 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 2.0 %

NASDAQ:ADBE traded up $9.61 during mid-day trading on Friday, hitting $486.18. 2,833,186 shares of the company’s stock were exchanged, compared to its average volume of 2,940,603. Adobe Inc. has a one year low of $331.89 and a one year 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. The business has a fifty day moving average price of $508.34 and a 200 day moving average price of $561.74. The company has a market cap of $217.81 billion, a PE ratio of 46.48, a P/E/G ratio of 2.63 and a beta of 1.28.

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

Adobe declared that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are usually 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.