Adobe Inc. (NASDAQ:ADBE) Shares Bought by Evermay Wealth Management LLC

Evermay Wealth Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,218 shares of the software company’s stock after acquiring an additional 140 shares during the period. Evermay Wealth Management LLC’s holdings in Adobe were worth $727,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter worth $35,000. Hanseatic Management Services Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth $45,000. First Command Advisory Services Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth $52,000. Finally, BKM Wealth Management LLC acquired a new stake in shares of Adobe during the 4th quarter worth $65,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’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 value of $45,435.77. Following the transaction, the chief accounting officer now directly 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 three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. HSBC lowered their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, UBS Group dropped their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

ADBE traded down $7.88 during midday trading on Friday, hitting $475.43. The stock had a trading volume of 3,085,605 shares, compared to its average volume of 2,563,092. The company has a market cap of $212.99 billion, a P/E ratio of 45.45, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The business has a fifty day moving average of $486.80 and a 200 day moving average of $555.28. 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 Inc. has a 1 year low of $374.09 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.