IFG Advisory LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

IFG Advisory LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,091 shares of the software company’s stock after acquiring an additional 170 shares during the quarter. IFG Advisory LLC’s holdings in Adobe were worth $1,247,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth $1,757,029,000. Moneta Group Investment Advisors LLC raised its stake in shares of Adobe by 115,991.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Concentrum Wealth Management lifted its holdings in 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 purchasing an additional 2,148,978 shares in the last quarter. Morgan Stanley boosted its stake in Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after purchasing an additional 1,471,861 shares during the period. Finally, Invesco Ltd. grew its holdings in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 0.6 %

Adobe stock opened at $504.40 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market capitalization of $228.27 billion, a price-to-earnings ratio of 48.22, a P/E/G ratio of 2.74 and a beta of 1.29. The firm has a 50 day moving average of $573.39 and a 200 day moving average of $571.57.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business 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 business earned $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe declared that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Adobe

In related news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock valued at $5,340,250 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADBE. Citigroup upped their target price on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 12th. Mizuho reiterated a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday. Piper Sandler Companies dropped their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Barclays reduced their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

About Adobe

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.