Sfmg LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Sfmg LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 680 shares of the software company’s stock after purchasing an additional 23 shares during the period. Sfmg LLC’s holdings in Adobe were worth $406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates boosted its stake in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. BluePath Capital Management LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $39,000. Finally, Financial Freedom LLC purchased a new position in shares of Adobe in the 4th quarter valued at about $29,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the subject of several recent research reports. KeyCorp initiated coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Robert W. Baird cut their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Piper Sandler Companies cut their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 0.4 %

Adobe stock opened at $474.45 on Thursday. 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 1-year low of $331.89 and a 1-year high of $638.25. The company has a market cap of $212.55 billion, a PE ratio of 45.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The stock’s 50 day moving average price is $533.19 and its 200 day moving average price is $566.97.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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