Signet Financial Management LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Signet Financial Management LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,550 shares of the software company’s stock after buying an additional 120 shares during the quarter. Signet Financial Management LLC’s holdings in Adobe were worth $2,715,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Rockland Trust Co. raised its holdings in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares in the last quarter. Mainsail Financial Group LLC grew its position in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new position in Adobe during the 3rd quarter worth $4,141,000. Guinness Asset Management LTD boosted its holdings in shares of Adobe by 5.9% in the third 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 in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its holdings in shares of Adobe by 23.9% in the third 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 in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock valued at $1,853,025 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ADBE shares. TD Cowen lowered their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Bank of America lowered their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a report on Thursday, January 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Up 1.2 %

Shares of NASDAQ:ADBE traded up $5.67 during trading on Tuesday, reaching $475.77. The stock had a trading volume of 1,673,086 shares, compared to its average volume of 3,598,936. The business has a fifty day moving average price of $538.63 and a 200-day moving average price of $567.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $213.14 billion, a P/E ratio of 45.19, a PEG ratio of 2.57 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during 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 was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.97 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Adobe Company 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.