Sanibel Captiva Trust Company Inc. acquired a new stake in Adobe Inc. (NASDAQ: ADBE – Free Report) in the fourth quarter, according to the company in its latest SEC filing. The company acquired 36,092 shares of the software company, valued at approximately $21,532,000.
Several other hedge funds have also increased or reduced their stakes in ADBE. Barlow Wealth Partners Inc. purchased a new position in Adobe during the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. increased its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its position in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the period. Vise Technologies Inc. increased its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Finally, Naviter Wealth LLC increased its stake in Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the period. 81.79% of shares are currently owned by institutional investors and hedge funds.
Internal activity at Adobe
In other news, Executive Vice President Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible through the SEC’s website. In related news, Chief Executive Officer Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accountant now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible through the SEC’s website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. Disclosure of this sale can be found here. Over the last 90 days, insiders sold 3,006 shares of the company’s stock valued at $1,424,432. Insiders own 0.15% of the company’s shares.
Adobe pricing performance
Shares of NASDAQ ADBE traded up $67.05 during trading hours Friday, hitting $525.79. 8,884,677 shares traded hands, compared to an average volume of 3,447,854. The company’s 50-day simple moving average is $473.83, and its two-hundred-day simple moving average is $541.85. The company has a market capitalization of $235.55 billion, a P/E ratio of 50.09, a price-to-earnings growth ratio of 2.49, and a beta of 1.27. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05, and a debt-to-equity ratio of 0.14.
Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly results on Thursday, June 13th. The software company reported $4.48 EPS 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 $5.29 billion expected by analysts. Adobe achieved a net margin of 24.08% and a return on equity of 39.12%. The company’s quarterly revenue increased 10.2% on an annual basis. During the same period last year, the company earned $3.04 per share. Equity research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.
Adobe announced that its board of directors authorized a stock repurchase plan on Thursday, March 14, allowing the company to repurchase $25.00 billion of outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Plans to repurchase shares are often a sign that company management believes its shares are undervalued.
Wall Street analyst speaks
A number of research analysts have recently issued reports on ADBE stock. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised its price target for the company from $570.00 to $580.00 in a research note released Friday. Wells Fargo & Company raised its price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note released Friday. Robert W. Baird raised his price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report issued Friday. JMP Securities reiterated its “Market Perform” rating on Adobe shares in a research report released Thursday, March 28. Finally, Melius Research reiterated its “hold” rating and issued a $510.00 price target for Adobe shares in a report on Monday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $604.35.
Discover our latest analysis on ADBE
About Adobe
(Free report)
Adobe Inc, together with its subsidiaries, operates as a globally diversified software company. 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 businesses to create, publish and promote content; and Document Cloud, a unified cloud-based document services platform.
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