Adobe Inc. (NASDAQ:ADBE) Position Boosted by CV Advisors LLC

CV Advisors LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,658 shares of the software company’s stock after purchasing an additional 290 shares during the period. Adobe makes up approximately 1.0% of CV Advisors LLC’s portfolio, making the stock its 10th biggest holding. CV Advisors LLC’s holdings in Adobe were worth $1,846,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Catalina Capital Group LLC lifted its position in Adobe by 151.2% in the 1st quarter. Catalina Capital Group LLC now owns 1,211 shares of the software company’s stock valued at $611,000 after purchasing an additional 729 shares during the last quarter. Avidian Wealth Solutions LLC increased its position in shares of Adobe by 2.8% in the first quarter. Avidian Wealth Solutions LLC now owns 1,463 shares of the software company’s stock worth $738,000 after acquiring an additional 40 shares in the last quarter. TFB Advisors LLC increased its position in shares of Adobe by 44.7% in the first quarter. TFB Advisors LLC now owns 618 shares of the software company’s stock worth $290,000 after acquiring an additional 191 shares in the last quarter. Mediolanum International Funds Ltd acquired a new stake in shares of Adobe during the first quarter worth approximately $85,567,000. Finally, Callan Capital LLC boosted its holdings in shares of Adobe by 3.2% during the first quarter. Callan Capital LLC now owns 2,554 shares of the software company’s stock worth $1,289,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ADBE shares. Barclays upped their price objective on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Oppenheimer reissued an “outperform” rating and set a $580.00 price objective on shares of Adobe in a report on Friday, June 14th. Finally, Wells Fargo & Company raised their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Get Our Latest Analysis on Adobe

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. 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 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $1.47 during trading hours on Wednesday, hitting $564.55. The company had a trading volume of 2,367,583 shares, compared to its average volume of 3,536,827. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50 day simple moving average of $500.62 and a 200 day simple moving average of $533.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market capitalization of $250.32 billion, a price-to-earnings ratio of 50.72, a PEG ratio of 3.00 and a beta of 1.30.

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

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Adobe

(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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