Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Western Wealth Management LLC

Western Wealth Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.8% during the fourth quarter, Holdings Channel reports. The firm owned 3,556 shares of the software company’s stock after purchasing an additional 374 shares during the quarter. Western Wealth Management LLC’s holdings in Adobe were worth $2,122,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Norges Bank purchased a new stake in Adobe in the 4th quarter worth about $1,757,029,000. Moneta Group Investment Advisors LLC lifted its position in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management boosted its holdings in shares of Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. Morgan Stanley boosted its holdings in shares of Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after purchasing an additional 1,471,861 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Adobe during the fourth quarter valued at approximately $875,592,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock traded down $3.48 during trading hours on Friday, hitting $469.70. 514,681 shares of the company’s stock were exchanged, compared to its average volume of 3,533,929. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market cap of $210.43 billion, a price-to-earnings ratio of 45.24, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The stock’s 50-day moving average is $530.33 and its 200-day moving average is $566.32.

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 for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.97 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has initiated a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Barclays dropped their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Finally, TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on 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 of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,075 shares of company stock worth $1,848,418. Company insiders own 0.15% of the company’s stock.

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.