River Street Advisors LLC Acquires 186 Shares of Adobe Inc. (NASDAQ:ADBE)

River Street Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,131 shares of the software company’s stock after buying an additional 186 shares during the period. River Street Advisors LLC’s holdings in Adobe were worth $571,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Physician Wealth Advisors Inc. boosted its holdings in Adobe by 11.0% in the 1st quarter. Physician Wealth Advisors Inc. now owns 483 shares of the software company’s stock valued at $230,000 after purchasing an additional 48 shares during the period. New Mexico Educational Retirement Board boosted its holdings in Adobe by 15.1% in the 1st quarter. New Mexico Educational Retirement Board now owns 27,418 shares of the software company’s stock valued at $13,835,000 after purchasing an additional 3,600 shares during the period. Founders Financial Securities LLC boosted its holdings in Adobe by 8.6% in the 1st quarter. Founders Financial Securities LLC now owns 2,017 shares of the software company’s stock valued at $1,018,000 after purchasing an additional 159 shares during the period. Fox Hill Wealth Management boosted its holdings in Adobe by 3.1% in the 1st quarter. Fox Hill Wealth Management now owns 9,124 shares of the software company’s stock valued at $4,604,000 after purchasing an additional 271 shares during the period. Finally, Symphony Financial Ltd. Co. raised its position in shares of Adobe by 17.2% during the 1st quarter. Symphony Financial Ltd. Co. now owns 5,204 shares of the software company’s stock valued at $2,616,000 after buying an additional 764 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Bank of America lowered their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research report on Friday, June 14th. Wells Fargo & Company lifted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Finally, HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock worth $15,165,916 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock traded up $8.78 during midday trading on Friday, reaching $555.54. 5,084,543 shares of the company traded hands, compared to its average volume of 4,723,748. The firm has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.90 and a beta of 1.27. The business has a 50 day moving average of $485.04 and a two-hundred day moving average of $534.90. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating 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 40.67%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock 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 stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors 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.