Trifecta Capital Advisors LLC Has $4.77 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Trifecta Capital Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,995 shares of the software company’s stock after purchasing an additional 638 shares during the quarter. Adobe comprises approximately 1.3% of Trifecta Capital Advisors LLC’s investment portfolio, making the stock its 24th largest holding. Trifecta Capital Advisors LLC’s holdings in Adobe were worth $4,770,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe in the third quarter worth approximately $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC bought a new position in Adobe during the 4th quarter valued at $29,000. Finally, Halpern Financial Inc. boosted its holdings in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Citigroup increased their target price on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a report on Tuesday, December 12th. HSBC dropped their target price 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. Barclays cut their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated 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 owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock worth $1,853,025 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of ADBE stock traded down $0.84 during trading hours on Monday, reaching $484.28. The stock had a trading volume of 3,436,453 shares, compared to its average volume of 3,643,632. The stock’s fifty day simple moving average is $556.17 and its 200 day simple moving average is $568.98. The firm has a market capitalization of $216.96 billion, a PE ratio of 46.08, a PEG ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm 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 business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. On average, equities research 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 permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.