Abel Hall LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Abel Hall LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, Holdings Channel.com reports. The fund acquired 475 shares of the software company’s stock, valued at approximately $283,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Norges Bank acquired a new stake in Adobe during the 4th quarter valued at approximately $3,277,785,000. International Assets Investment Management LLC acquired a new stake in Adobe during the 4th quarter valued at approximately $875,592,000. Invesco Ltd. boosted its holdings in shares of Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC lifted its position in shares of Adobe by 41.2% during the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after acquiring an additional 307,479 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated 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 in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on ADBE. KeyCorp boosted their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus dropped their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Citigroup dropped their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $604.35.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $66.57 during midday trading on Friday, reaching $525.31. The company had a trading volume of 14,846,614 shares, compared to its average volume of 3,281,535. The company’s 50 day moving average price is $474.63 and its 200 day moving average price is $540.63. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $235.34 billion, a P/E ratio of 47.20, a P/E/G ratio of 2.84 and a beta of 1.27. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.04 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share 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 purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is 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.