Dock Street Asset Management Inc. Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Dock Street Asset Management Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,658 shares of the software company’s stock after acquiring an additional 402 shares during the period. Adobe makes up approximately 2.7% of Dock Street Asset Management Inc.’s holdings, making the stock its 14th biggest holding. Dock Street Asset Management Inc.’s holdings in Adobe were worth $17,097,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ADBE. One Charles Private Wealth Services LLC lifted its stake in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares during the last quarter. Invst LLC lifted its stake in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. raised its stake in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC raised its stake in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its holdings in shares of Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.5 %

ADBE traded up $2.51 on Thursday, hitting $476.96. 781,158 shares of the company were exchanged, compared to its average volume of 3,553,798. The company has a market cap of $213.68 billion, a price-to-earnings ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $533.19 and a two-hundred day moving average price of $566.97. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating 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 the consensus estimate of $5.14 billion. During the same period in the previous year, the business earned $2.97 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last three months, insiders sold 3,075 shares of company stock valued at $1,848,418. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ADBE shares. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, HSBC dropped their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe 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.