Adobe Inc. (NASDAQ:ADBE) is CV Advisors LLC’s 8th Largest Position

CV Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 12.7% during the fourth quarter, Holdings Channel reports. The firm owned 3,368 shares of the software company’s stock after purchasing an additional 380 shares during the period. Adobe accounts for about 1.4% of CV Advisors LLC’s portfolio, making the stock its 8th largest position. CV Advisors LLC’s holdings in Adobe were worth $2,009,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Capital Investment Advisors LLC grew its stake in Adobe by 13.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,980 shares of the software company’s stock valued at $1,009,000 after buying an additional 233 shares during the last quarter. Impact Partnership Wealth LLC lifted its holdings in Adobe by 459.5% during the 3rd quarter. Impact Partnership Wealth LLC now owns 235 shares of the software company’s stock valued at $120,000 after purchasing an additional 193 shares during the last quarter. 1900 Wealth Management LLC lifted its holdings in Adobe by 54.9% during the 3rd quarter. 1900 Wealth Management LLC now owns 2,334 shares of the software company’s stock valued at $1,190,000 after purchasing an additional 827 shares during the last quarter. Founders Financial Securities LLC lifted its holdings in Adobe by 42.0% during the 3rd quarter. Founders Financial Securities LLC now owns 1,706 shares of the software company’s stock valued at $870,000 after purchasing an additional 505 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management bought a new position in Adobe during the 3rd quarter valued at about $204,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.3 %

Shares of Adobe stock traded up $6.01 on Tuesday, hitting $472.90. The company had a trading volume of 2,030,383 shares, compared to its average volume of 3,532,809. The firm has a market capitalization of $211.86 billion, a P/E ratio of 44.88, a P/E/G ratio of 2.52 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50-day moving average of $524.19 and a 200-day moving average of $566.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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 company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned $2.97 earnings per share. Research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a stock buyback program 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 programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on ADBE shares. Wells Fargo & Company dropped their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. HSBC dropped their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Finally, TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.