Provence Wealth Management Group Has $955,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Provence Wealth Management Group increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 42.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,601 shares of the software company’s stock after buying an additional 480 shares during the quarter. Provence Wealth Management Group’s holdings in Adobe were worth $955,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ADBE. Rockland Trust Co. boosted its holdings in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares in the last quarter. Federated Hermes Inc. boosted its stake in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC grew its holdings in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC acquired a new stake in shares of Adobe in the third quarter valued at $4,141,000. Finally, Naviter Wealth LLC lifted its position in Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction, the chief accounting officer now 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 this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

NASDAQ:ADBE traded up $9.61 during trading hours on Friday, reaching $486.18. 2,833,186 shares of the company were exchanged, compared to its average volume of 2,940,603. The business has a 50 day moving average of $508.34 and a 200 day moving average of $561.74. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $217.81 billion, a P/E ratio of 46.48, a P/E/G ratio of 2.63 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, 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 return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.97 EPS. Research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus lowered their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Finally, Robert W. Baird decreased their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.