Adobe Inc. (NASDAQ:ADBE) Holdings Raised by Avidian Wealth Solutions LLC

Avidian Wealth Solutions LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 2.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,463 shares of the software company’s stock after purchasing an additional 40 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Adobe were worth $738,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Tradewinds Capital Management LLC grew its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe during the fourth quarter worth $35,000. Steph & Co. boosted its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Vima LLC bought a new position in Adobe during the fourth quarter worth about $55,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded down $1.47 during trading hours on Wednesday, reaching $564.55. The stock had a trading volume of 2,367,583 shares, compared to its average volume of 3,536,827. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $498.72 and its 200 day moving average is $533.00. The firm has a market capitalization of $250.32 billion, a PE ratio of 50.20, a PEG ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the business earned $3.04 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding 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 generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the company’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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock valued at $15,165,916 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Friday, June 14th. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Piper Sandler Companies dropped their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. KeyCorp boosted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus lowered their target price on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Get Our Latest Analysis on ADBE

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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