Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Magnolia Capital Advisors LLC

Magnolia Capital Advisors LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 20.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 460 shares of the software company’s stock after purchasing an additional 78 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Adobe were worth $289,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Iron Horse Wealth Management LLC purchased a new position in Adobe in the third quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the third quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter worth approximately $35,000. Finally, BluePath Capital Management LLC purchased a new position in Adobe in the third quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock traded up $4.22 on Wednesday, hitting $477.12. The stock had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. 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 current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company’s 50 day moving average price is $519.06 and its 200 day moving average price is $565.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction 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 transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 984 shares of company stock worth $577,171 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. UBS Group lowered their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. HSBC lowered their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Finally, Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research 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 assigned a buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.