Wealth Management Partners LLC Has $313,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Wealth Management Partners LLC raised its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 620 shares of the software company’s stock after purchasing an additional 78 shares during the period. Wealth Management Partners LLC’s holdings in Adobe were worth $313,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Advisors Wealth Management LLC increased its position in Adobe by 8.7% during the 1st quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock worth $341,000 after buying an additional 54 shares during the period. Strategic Planning Group LLC raised its holdings in Adobe by 24.2% in the 1st quarter. Strategic Planning Group LLC now owns 6,510 shares of the software company’s stock valued at $3,285,000 after acquiring an additional 1,267 shares in the last quarter. Worth Asset Management LLC bought a new stake in shares of Adobe during the 1st quarter valued at $205,000. Doliver Advisors LP grew its holdings in shares of Adobe by 226.9% during the 1st quarter. Doliver Advisors LP now owns 2,854 shares of the software company’s stock worth $1,440,000 after purchasing an additional 1,981 shares in the last quarter. Finally, CMH Wealth Management LLC raised its stake in Adobe by 62.1% in the first quarter. CMH Wealth Management LLC now owns 12,359 shares of the software company’s stock valued at $6,236,000 after purchasing an additional 4,736 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were 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 in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value 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 disclosure for this sale can be found here. Insiders sold 3,270 shares of company stock worth $1,563,166 in the last ninety days. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. UBS Group cut their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Stifel Nicolaus cut their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Finally, Bank of America reduced their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Get Our Latest Analysis on Adobe

Adobe Price Performance

NASDAQ ADBE traded up $3.71 during trading hours on Tuesday, hitting $527.88. The company had a trading volume of 489,507 shares, compared to its average volume of 3,551,888. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The firm has a market capitalization of $236.49 billion, a price-to-earnings ratio of 47.43, a PEG ratio of 2.78 and a beta of 1.27. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50 day simple moving average of $479.66 and a 200 day simple moving average of $536.63.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.04 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has approved a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding 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 a sign that the company’s management believes its stock is undervalued.

Adobe Company 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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