RBA Wealth Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

RBA Wealth Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,470 shares of the software company’s stock after buying an additional 64 shares during the period. Adobe makes up 2.1% of RBA Wealth Management LLC’s investment portfolio, making the stock its 18th biggest holding. RBA Wealth Management LLC’s holdings in Adobe were worth $5,283,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Morgan Stanley grew its position in shares of Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position 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 valued at $3,876,309,000 after purchasing an additional 590,533 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe during the 4th quarter valued at $3,277,785,000. Fisher Asset Management LLC lifted its holdings in shares of Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Adobe by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after acquiring an additional 66,180 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.4 %

Shares of NASDAQ ADBE traded up $2.44 on Thursday, reaching $570.15. 1,664,373 shares of the company’s stock traded hands, compared to its average volume of 4,552,269. The company has a market cap of $252.80 billion, a price-to-earnings ratio of 51.23, a price-to-earnings-growth ratio of 2.96 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $490.66 and its two-hundred day simple moving average is $534.23. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 company 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 firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $3.04 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ADBE. Stifel Nicolaus dropped their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. UBS Group dropped their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, 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 Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on 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 directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. 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 owned by insiders.

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.