Charles Schwab Investment Management Inc. Buys 66,180 Shares of Adobe Inc. (NASDAQ:ADBE)

Charles Schwab Investment Management Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,602,297 shares of the software company’s stock after purchasing an additional 66,180 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.58% of Adobe worth $1,552,530,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ADBE. One Charles Private Wealth Services LLC lifted its position in shares of Adobe by 2.2% in the third 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 in the last quarter. Invst LLC raised its holdings 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 buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC lifted its stake in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management boosted its stake in shares of Adobe by 4.3% during 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 in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.4 %

Shares of ADBE stock traded down $2.13 on Wednesday, hitting $490.14. 893,009 shares of the stock were exchanged, compared to its average volume of 3,401,890. The business has a 50-day moving average of $505.80 and a 200 day moving average of $561.00. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a market capitalization of $219.58 billion, a P/E ratio of 47.31, a price-to-earnings-growth ratio of 2.63 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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the business earned $2.97 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has authorized a stock 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 purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ADBE. Mizuho reiterated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Robert W. Baird dropped their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insiders Place Their Bets

In other news, 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the 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 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. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 in the last quarter. Corporate 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.