Jacobs & Co. CA Has $20.46 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Jacobs & Co. CA trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,298 shares of the software company’s stock after selling 476 shares during the period. Adobe comprises 2.3% of Jacobs & Co. CA’s holdings, making the stock its 6th largest position. Jacobs & Co. CA’s holdings in Adobe were worth $20,462,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Iron Horse Wealth Management LLC acquired a new position in Adobe during the third quarter valued at approximately $25,000. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates lifted its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Halpern Financial Inc. lifted its position in shares of Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares in the last quarter. Finally, BluePath Capital Management LLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $504.40 on Thursday. The company has a market cap of $228.27 billion, a P/E ratio of 48.22, a P/E/G ratio of 2.74 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 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 business’s 50 day moving average is $573.39 and its two-hundred day moving average is $571.57.

Adobe (NASDAQ:ADBE) last issued 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. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its board has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in 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 usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Adobe news, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction on 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe 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 value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock valued at $5,340,250 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ADBE. Citigroup lifted their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Wednesday. Finally, KeyCorp started coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.