Unique Wealth LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Unique Wealth LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 46.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,552 shares of the software company’s stock after purchasing an additional 814 shares during the period. Unique Wealth LLC’s holdings in Adobe were worth $1,288,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Barlow Wealth Partners Inc. purchased a new stake in shares of Adobe during the 4th quarter worth about $16,700,000. Federated Hermes Inc. boosted its stake in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC boosted its stake in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares in the last quarter. Vise Technologies Inc. boosted its stake in shares of Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares in the last quarter. Finally, Naviter Wealth LLC boosted its stake in shares of 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 acquiring an additional 996 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $10.49 during trading on Friday, reaching $533.44. The company had a trading volume of 6,614,086 shares, compared to its average volume of 4,373,285. The firm’s fifty day moving average is $478.58 and its 200 day moving average is $537.63. The firm has a market capitalization of $238.98 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research note on Friday, June 14th. Barclays raised their price target on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. HSBC decreased their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. UBS Group decreased their target price 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. Finally, Piper Sandler Companies lowered their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,270 shares of company stock valued at $1,563,166. 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.