Prentice Wealth Management LLC Buys 63 Shares of Adobe Inc. (NASDAQ:ADBE)

Prentice Wealth Management LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,446 shares of the software company’s stock after buying an additional 63 shares during the period. Prentice Wealth Management LLC’s holdings in Adobe were worth $730,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ADBE. Shorepath Capital Management LLC increased its holdings in shares of Adobe by 25.8% in the first quarter. Shorepath Capital Management LLC now owns 7,369 shares of the software company’s stock worth $3,718,000 after buying an additional 1,509 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in shares of Adobe by 8.9% in the first quarter. Dynamic Advisor Solutions LLC now owns 10,342 shares of the software company’s stock worth $5,219,000 after buying an additional 843 shares during the period. Fermata Advisors LLC increased its holdings in shares of Adobe by 75.7% in the first quarter. Fermata Advisors LLC now owns 715 shares of the software company’s stock worth $361,000 after buying an additional 308 shares during the period. Mechanics Bank Trust Department increased its holdings in shares of Adobe by 20.7% in the first quarter. Mechanics Bank Trust Department now owns 2,719 shares of the software company’s stock worth $1,372,000 after buying an additional 467 shares during the period. Finally, Jacobs & Co. CA increased its holdings in shares of Adobe by 0.3% in the first quarter. Jacobs & Co. CA now owns 34,417 shares of the software company’s stock worth $17,366,000 after buying an additional 119 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ADBE shares. Barclays boosted their price target on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research report on Friday, June 14th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Finally, Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value 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 $1,933,596.48. The disclosure for this sale can be found here. Insiders sold 3,270 shares of company stock worth $1,563,166 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.1 %

Shares of NASDAQ:ADBE traded up $0.78 during trading on Wednesday, reaching $527.66. The stock had a trading volume of 1,518,152 shares, compared to its average volume of 3,556,761. The business has a fifty day moving average price of $480.67 and a 200-day moving average price of $536.04. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $236.39 billion, a P/E ratio of 47.30, a PEG ratio of 2.75 and a beta of 1.27. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during 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 40.67%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.04 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign 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.