FMA Wealth Management LLC Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

FMA Wealth Management LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 488 shares of the software company’s stock, valued at approximately $291,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. HBC Financial Services PLLC bought a new position in Adobe during the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. bought a new position in Adobe during the fourth quarter worth $35,000. Hanseatic Management Services Inc. acquired a new position in Adobe in the third quarter valued at $45,000. First Command Advisory Services Inc. bought a new stake in Adobe during the third quarter valued at $52,000. Finally, Advisors Preferred LLC acquired a new stake in Adobe during the 3rd quarter worth about $60,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’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 owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE traded down $7.88 on Friday, reaching $475.43. 3,083,719 shares of the company’s stock traded hands, compared to its average volume of 3,319,054. The stock’s 50 day simple moving average is $487.14 and its two-hundred day simple moving average is $556.32. The stock has a market cap of $212.99 billion, a PE ratio of 45.63, a PEG ratio of 2.62 and a beta of 1.28. Adobe Inc. has a 52-week low of $374.09 and a 52-week high of $638.25. 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 released its earnings results 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the business posted $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Barclays reduced their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. TD Cowen cut their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

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.