Adobe Inc. (NASDAQ:ADBE) Position Increased by Larson Financial Group LLC

Larson Financial Group LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 40.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 640 shares of the software company’s stock after buying an additional 183 shares during the period. Larson Financial Group LLC’s holdings in Adobe were worth $382,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Concentrum Wealth Management lifted its stake in shares of Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Adobe during the fourth quarter worth about $875,592,000. Invesco Ltd. grew its holdings in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares during the last quarter. Jennison Associates LLC increased its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC bought a new position in Adobe in the 3rd quarter worth approximately $152,970,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were 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 of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 984 shares of company stock valued at $577,171 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $472.90 on Wednesday. The company’s 50-day simple moving average is $521.61 and its two-hundred day simple moving average is $565.95. The company has a market capitalization of $211.86 billion, a P/E ratio of 45.21, a P/E/G ratio of 2.53 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. 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 (NASDAQ:ADBE) last released its quarterly earnings results 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $2.97 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy 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.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. HSBC cut their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Bank of America cut their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

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.