Element Wealth LLC Has $227,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Element Wealth LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 10.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 381 shares of the software company’s stock after selling 43 shares during the quarter. Element Wealth LLC’s holdings in Adobe were worth $227,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Concentrum Wealth Management increased its stake in shares of Adobe by 17,006.8% during the third 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 during the period. International Assets Investment Management LLC bought a new position in Adobe during the 4th quarter worth $875,592,000. Invesco Ltd. raised its position in shares of Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Jennison Associates LLC increased its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC bought a new stake in Adobe in the 3rd quarter valued at about $152,970,000. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 96 shares of the firm’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 of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other 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 transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 over the last three months. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ADBE shares. Bank of America cut their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC cut their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $6.01 on Tuesday, hitting $472.90. The company’s stock had a trading volume of 2,052,454 shares, compared to its average volume of 3,540,193. The stock’s 50-day moving average is $524.19 and its two-hundred day moving average is $566.33. The company has a market capitalization of $211.86 billion, a price-to-earnings ratio of 44.88, a price-to-earnings-growth ratio of 2.52 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 Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the company earned $2.97 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.