516 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Rakuten Securities Inc.

Rakuten Securities Inc. bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 516 shares of the software company’s stock, valued at approximately $308,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Prosperity Wealth Management Inc. acquired a new position in Adobe in the fourth quarter worth approximately $376,000. Sfmg LLC grew its position in Adobe by 3.5% during the 4th quarter. Sfmg LLC now owns 680 shares of the software company’s stock worth $406,000 after purchasing an additional 23 shares in the last quarter. Quantum Private Wealth LLC grew its position in Adobe by 16.4% during the 4th quarter. Quantum Private Wealth LLC now owns 1,165 shares of the software company’s stock worth $695,000 after purchasing an additional 164 shares in the last quarter. Tyche Wealth Partners LLC purchased a new position in Adobe during the 4th quarter worth approximately $930,000. Finally, West Paces Advisors Inc. grew its position in Adobe by 7.6% during the 4th quarter. West Paces Advisors Inc. now owns 467 shares of the software company’s stock worth $279,000 after purchasing an additional 33 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction 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 approximately $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research report on Thursday, January 18th. DA Davidson reissued a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.4 %

NASDAQ ADBE traded down $1.78 during mid-day trading on Wednesday, hitting $474.44. The company’s stock had a trading volume of 1,010,859 shares, compared to its average volume of 3,577,248. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $212.55 billion, a price-to-earnings ratio of 45.35, a PEG ratio of 2.55 and a beta of 1.28. The company’s 50 day simple moving average is $536.02 and its 200 day simple moving average is $567.62. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for 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 revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.97 EPS. Analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is 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.