Keel Point LLC Acquires 127 Shares of Adobe Inc. (NASDAQ:ADBE)

Keel Point LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,226 shares of the software company’s stock after purchasing an additional 127 shares during the quarter. Keel Point LLC’s holdings in Adobe were worth $1,328,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe in the 3rd quarter valued at about $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates lifted its holdings in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC bought a new stake in shares of Adobe during the 4th quarter worth approximately $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe during the 4th quarter worth approximately $35,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,063 shares of company stock valued at $1,853,025. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.9 %

NASDAQ ADBE traded down $4.47 on Monday, hitting $469.62. 2,199,890 shares of the company were exchanged, compared to its average volume of 3,608,068. The company has a market cap of $210.39 billion, a PE ratio of 44.86, a PEG ratio of 2.57 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 stock has a fifty day moving average of $541.84 and a 200-day moving average of $568.10. 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 issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (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 period in the prior year, the firm earned $2.97 earnings per share. Adobe’s revenue was up 11.3% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes 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 believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.