Astoria Portfolio Advisors LLC. Buys 35 Shares of Adobe Inc. (NASDAQ:ADBE)

Astoria Portfolio Advisors LLC. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 888 shares of the software company’s stock after acquiring an additional 35 shares during the period. Astoria Portfolio Advisors LLC.’s holdings in Adobe were worth $417,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Norges Bank bought a new position in shares of Adobe during the 4th quarter worth approximately $3,277,785,000. Wellington Management Group LLP boosted its holdings in shares of Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $875,592,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC boosted its holdings 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 worth $628,473,000 after buying an additional 307,479 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. TD Cowen lowered their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Barclays upped their target price on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 target price on shares of Adobe in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Up 1.6 %

ADBE stock opened at $555.54 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The company has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 2.85 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. The stock has a fifty day moving average of $485.04 and a 200-day moving average of $535.58.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the company earned $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was 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 owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock worth $15,165,916 in the last quarter. 0.15% of the stock is owned by company insiders.

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.