345 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Saybrook Capital NC

Saybrook Capital NC acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 345 shares of the software company’s stock, valued at approximately $206,000.

Other hedge funds have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe during the 3rd quarter worth about $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe during the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates raised its stake in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new stake in shares of Adobe during the 4th quarter worth about $29,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of Adobe in the 4th quarter valued at approximately $35,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of Adobe stock traded up $3.63 during midday trading on Tuesday, hitting $473.73. 715,705 shares of the company were exchanged, compared to its average volume of 3,586,040. The firm has a 50 day simple moving average of $538.63 and a 200-day simple moving average of $567.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The firm has a market cap of $212.23 billion, a P/E ratio of 45.19, a PEG ratio of 2.57 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADBE shares. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler Companies cut their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.