Leeward Financial Partners LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Leeward Financial Partners LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 5.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,573 shares of the software company’s stock after buying an additional 349 shares during the period. Adobe makes up about 1.4% of Leeward Financial Partners LLC’s investment portfolio, making the stock its 27th biggest position. Leeward Financial Partners LLC’s holdings in Adobe were worth $3,317,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Adobe during the fourth quarter valued at $3,277,785,000. Wellington Management Group LLP lifted its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Adobe during the fourth quarter valued at $875,592,000. Price T Rowe Associates Inc. MD lifted its position in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC lifted its position in Adobe by 41.2% during 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 in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

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

Adobe Trading Up 0.4 %

Shares of NASDAQ:ADBE traded up $2.44 during trading hours on Wednesday, hitting $570.15. 1,664,349 shares of the company’s stock traded hands, compared to its average volume of 3,566,709. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business has a fifty day moving average price of $488.79 and a 200-day moving average price of $533.97. The firm has a market capitalization of $252.80 billion, a P/E ratio of 50.85, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 earnings per share. Equities analysts expect 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 repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. 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. Mizuho reissued a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Company 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.