Wealthcare Advisory Partners LLC Has $3.63 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Wealthcare Advisory Partners LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,086 shares of the software company’s stock after purchasing an additional 843 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Adobe were worth $3,631,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Concentrum Wealth Management lifted its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $875,592,000. Invesco Ltd. lifted its stake in shares of Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC bought a new position in Adobe during the third quarter worth about $152,970,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADBE. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. KeyCorp assumed coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Oppenheimer reissued an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. TD Cowen decreased 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. Finally, JPMorgan Chase & Co. decreased their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Up 1.5 %

Shares of NASDAQ:ADBE traded up $7.41 during trading on Monday, reaching $493.59. The stock had a trading volume of 2,103,523 shares, compared to its average volume of 3,442,089. The firm’s fifty day moving average is $507.00 and its 200 day moving average is $561.34. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market cap of $221.13 billion, a price-to-earnings ratio of 47.19, a P/E/G ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS 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 company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the firm posted $2.97 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by insiders.

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.