Bryn Mawr Capital Management LLC Acquires 3,472 Shares of Adobe Inc. (NASDAQ:ADBE)

Bryn Mawr Capital Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 83.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,611 shares of the software company’s stock after buying an additional 3,472 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in Adobe were worth $4,541,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ADBE. Iron Horse Wealth Management LLC acquired a new position in Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC acquired a new position in Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates increased its position in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the 4th quarter worth approximately $35,000. Finally, BluePath Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. TD Cowen reduced their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. 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 stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 0.9 %

Adobe stock opened at $477.56 on Friday. The company has a quick ratio of 1.05, 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 firm’s fifty day moving average is $515.34 and its 200 day moving average is $564.33. The company has a market capitalization of $213.95 billion, a PE ratio of 45.66, a PEG ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company earned $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

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.