Planned Solutions Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Planned Solutions Inc. purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 669 shares of the software company’s stock, valued at approximately $399,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rockland Trust Co. boosted its stake in Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the last quarter. Team Hewins LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $4,141,000. Guinness Asset Management LTD increased its stake in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after acquiring an additional 2,499 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Adobe by 23.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after acquiring an additional 1,732 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD boosted its stake in Adobe by 36.7% during the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after acquiring an additional 1,871 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock valued at $5,340,250 in the last quarter. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. DA Davidson reissued a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price target on shares of Adobe in a research report on Wednesday. KeyCorp started coverage on Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Finally, Citigroup increased their target price on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 0.6 %

Shares of NASDAQ:ADBE opened at $504.40 on Thursday. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. The company has a market capitalization of $228.27 billion, a P/E ratio of 48.22, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29. The company has a 50-day simple moving average of $573.39 and a 200 day simple moving average of $571.57.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current year.

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

Adobe 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.