Carret Asset Management LLC Has $1.85 Million Position in Adobe Inc. (NASDAQ:ADBE)

Carret Asset Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,665 shares of the software company’s stock after purchasing an additional 220 shares during the quarter. Carret Asset Management LLC’s holdings in Adobe were worth $1,849,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new position in shares of Adobe in the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP raised its holdings in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Adobe during the fourth quarter worth $875,592,000. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 10.0% in the fourth 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 purchasing an additional 590,533 shares during the last quarter. Finally, Putnam Investments LLC increased its holdings in Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after purchasing an additional 307,479 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.4 %

Shares of NASDAQ ADBE traded up $2.44 during midday trading on Wednesday, reaching $570.15. The company had a trading volume of 1,514,205 shares, compared to its average volume of 3,565,527. The stock has a market cap of $252.80 billion, a PE ratio of 50.85, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm’s fifty day moving average price is $488.79 and its 200-day moving average price is $533.97. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the firm posted $3.04 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its board has initiated a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, 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 value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. BMO Capital Markets boosted their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. TD Cowen cut their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Melius Research reissued a “hold” rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Finally, Oppenheimer reissued an “outperform” rating and set a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. 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 company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Profile

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.