345 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Leonard Rickey Investment Advisors P.L.L.C.

Leonard Rickey Investment Advisors P.L.L.C. bought a new stake in Adobe Inc. (NASDAQ:ADBEFree Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 345 shares of the software company’s stock, valued at approximately $206,000.

Several other large investors also recently added to or reduced their stakes in the business. State Street Corp grew its holdings in Adobe by 1.2% during the second quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock valued at $9,223,377,000 after purchasing an additional 229,776 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after buying an additional 277,484 shares during the period. Northern Trust Corp grew its stake in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after buying an additional 202,136 shares during the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter worth $1,757,029,000. Finally, Jennison Associates LLC lifted its position in 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 acquiring an additional 498,957 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $1.26 during trading on Wednesday, reaching $497.95. The company had a trading volume of 869,258 shares, compared to its average volume of 3,600,424. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The business’s 50 day moving average price is $563.64 and its 200-day moving average price is $569.97. The stock has a market cap of $223.08 billion, a PE ratio of 47.52, a PEG ratio of 2.72 and a beta of 1.28. 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 issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business posted $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated 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 owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock worth $1,853,025 over the last 90 days. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Robert W. Baird dropped their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. HSBC lowered their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Finally, Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two equities research 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’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Check Out Our Latest Stock Report on ADBE

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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.