Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Fulton Breakefield Broenniman LLC

Fulton Breakefield Broenniman LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,057 shares of the software company’s stock after acquiring an additional 350 shares during the quarter. Adobe accounts for about 1.3% of Fulton Breakefield Broenniman LLC’s holdings, making the stock its 29th biggest holding. Fulton Breakefield Broenniman LLC’s holdings in Adobe were worth $16,142,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC purchased a new position in Adobe in the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates increased its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter valued at approximately $35,000. BluePath Capital Management LLC purchased a new position in Adobe in the third quarter valued at approximately $39,000. Finally, Hanseatic Management Services Inc. purchased a new position in Adobe in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock worth $137,656 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Barclays dropped their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Bank of America cut 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. Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $477.56 on Friday. The firm has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a PEG ratio of 2.59 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company’s fifty day moving average is $515.34 and its two-hundred day moving average is $564.55. 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:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.97 EPS. Analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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.