Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 2.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,673 shares of the software company’s stock after buying an additional 988 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Adobe were worth $24,862,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ADBE. Concentrum Wealth Management raised its stake in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. International Assets Investment Management LLC bought a new position in Adobe in the 4th quarter worth about $875,592,000. Invesco Ltd. grew its position in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares during the last quarter. Jennison Associates LLC grew its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC bought a new position in Adobe in the 3rd quarter worth about $152,970,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. DA Davidson restated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. TD Cowen decreased their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Mizuho restated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. HSBC decreased their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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. In the last three months, insiders have sold 984 shares of company stock worth $577,171. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.9 %

Shares of ADBE traded up $4.22 during mid-day trading on Wednesday, hitting $477.12. 2,335,078 shares of the company’s stock were exchanged, compared to its average volume of 3,526,816. The firm has a fifty day moving average of $519.06 and a two-hundred day moving average of $565.33. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock has a market cap of $213.75 billion, a price-to-earnings ratio of 45.61, a P/E/G ratio of 2.53 and a beta of 1.28. 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) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.