Procyon Advisors LLC Has $4.28 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Procyon Advisors LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 12.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 7,180 shares of the software company’s stock after buying an additional 818 shares during the period. Procyon Advisors LLC’s holdings in Adobe were worth $4,284,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Planned Solutions Inc. bought a new stake in Adobe during the fourth quarter valued at $399,000. IFG Advisory LLC grew its stake in Adobe by 8.8% during the fourth quarter. IFG Advisory LLC now owns 2,091 shares of the software company’s stock worth $1,247,000 after purchasing an additional 170 shares during the period. Highland Capital Management LLC increased its holdings in Adobe by 6.2% in the fourth quarter. Highland Capital Management LLC now owns 5,709 shares of the software company’s stock worth $3,406,000 after purchasing an additional 335 shares in the last quarter. RNC Capital Management LLC boosted its holdings in shares of Adobe by 1.8% during the 4th quarter. RNC Capital Management LLC now owns 16,086 shares of the software company’s stock worth $9,597,000 after buying an additional 278 shares in the last quarter. Finally, Columbia Trust Co 01012016 grew its position in shares of Adobe by 15.2% during the 4th quarter. Columbia Trust Co 01012016 now owns 2,684 shares of the software company’s stock worth $1,601,000 after buying an additional 355 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday. Robert W. Baird reduced their price objective on 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 lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling at Adobe

In related news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the firm’s 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 completion of the transaction, the chief accounting officer now 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. Insiders have sold a total of 9,162 shares of company stock valued at $5,340,250 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

ADBE traded up $0.98 during midday trading on Thursday, reaching $505.38. The company had a trading volume of 632,512 shares, compared to its average volume of 3,622,505. The business has a 50-day moving average price of $573.39 and a two-hundred day moving average price of $571.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The stock has a market cap of $228.71 billion, a PE ratio of 48.22, a P/E/G ratio of 2.75 and a beta of 1.29.

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. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. 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. On average, sell-side analysts expect that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors 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.