Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Fulton Breakefield Broenniman LLC

Fulton Breakefield Broenniman LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,057 shares of the software company’s stock after buying an additional 350 shares during the period. Adobe accounts for approximately 1.3% of Fulton Breakefield Broenniman LLC’s investment portfolio, making the stock its 29th largest holding. Fulton Breakefield Broenniman LLC’s holdings in Adobe were worth $16,142,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC acquired a new position in shares of Adobe during the third quarter valued at $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter valued at $35,000. BluePath Capital Management LLC acquired a new position in shares of Adobe during the third quarter valued at $39,000. Finally, Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the third quarter valued at $45,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.9 %

Adobe stock opened at $477.56 on Friday. The firm has a market cap of $213.95 billion, a PE ratio of 45.66, a P/E/G ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day moving average price is $515.34 and its two-hundred day moving average price is $564.55. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released 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 firm 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%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.97 EPS. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Mizuho reissued a “buy” rating and set a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. 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. Finally, Piper Sandler Companies cut 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock worth $137,656. 0.15% of the stock is currently owned by company insiders.

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.