Independent Advisor Alliance Buys 1,718 Shares of Adobe Inc. (NASDAQ:ADBE)

Independent Advisor Alliance lifted its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 13.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,685 shares of the software company’s stock after purchasing an additional 1,718 shares during the period. Independent Advisor Alliance’s holdings in Adobe were worth $8,761,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ADBE. Summit X LLC increased its position in Adobe by 4.1% during the fourth quarter. Summit X LLC now owns 755 shares of the software company’s stock worth $450,000 after buying an additional 30 shares during the last quarter. Allegheny Financial Group LTD increased its holdings in shares of Adobe by 7.7% during the 4th quarter. Allegheny Financial Group LTD now owns 1,079 shares of the software company’s stock worth $644,000 after acquiring an additional 77 shares during the last quarter. Level Four Advisory Services LLC raised its stake in Adobe by 7.5% in the 4th quarter. Level Four Advisory Services LLC now owns 1,451 shares of the software company’s stock valued at $866,000 after acquiring an additional 101 shares during the period. Arjuna Capital lifted its holdings in Adobe by 1.6% during the 4th quarter. Arjuna Capital now owns 5,427 shares of the software company’s stock valued at $3,238,000 after purchasing an additional 85 shares during the last quarter. Finally, Financial Advocates Investment Management boosted its position in Adobe by 9.5% during the fourth quarter. Financial Advocates Investment Management now owns 2,566 shares of the software company’s stock worth $1,531,000 after purchasing an additional 223 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Barclays decreased their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. dropped their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Robert W. Baird decreased their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two investment 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Read Our Latest Research Report on ADBE

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.1 %

Shares of NASDAQ:ADBE traded up $0.55 during midday trading on Friday, hitting $483.43. 2,261,147 shares of the stock were exchanged, compared to its average volume of 2,689,464. The business’s 50-day moving average price is $494.14 and its 200 day moving average price is $558.34. The stock has a market capitalization of $216.58 billion, a price-to-earnings ratio of 46.22, a P/E/G ratio of 2.62 and a beta of 1.28. Adobe Inc. has a 12 month low of $356.45 and a 12 month high of $638.25. 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 (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results 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 net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the company posted $2.97 EPS. The company’s revenue was up 11.3% on a year-over-year basis. Analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Adobe Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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