Lyell Wealth Management LP Raises Position in Adobe Inc. (NASDAQ:ADBE)

Lyell Wealth Management LP raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% during the fourth quarter, HoldingsChannel reports. The firm owned 20,424 shares of the software company’s stock after buying an additional 352 shares during the quarter. Adobe comprises 1.4% of Lyell Wealth Management LP’s holdings, making the stock its 18th largest position. Lyell Wealth Management LP’s holdings in Adobe were worth $12,185,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Bailard Inc. raised its holdings in shares of Adobe by 3.0% in the fourth quarter. Bailard Inc. now owns 49,562 shares of the software company’s stock worth $29,569,000 after buying an additional 1,422 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its stake in Adobe by 1.5% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 46,030 shares of the software company’s stock worth $27,461,000 after purchasing an additional 660 shares in the last quarter. Atria Wealth Solutions Inc. boosted its position in Adobe by 2.4% during the 4th quarter. Atria Wealth Solutions Inc. now owns 41,673 shares of the software company’s stock valued at $24,862,000 after acquiring an additional 988 shares in the last quarter. Magnolia Capital Advisors LLC lifted its holdings in shares of Adobe by 20.4% during the 4th quarter. Magnolia Capital Advisors LLC now owns 460 shares of the software company’s stock valued at $289,000 after purchasing an additional 78 shares during the last quarter. Finally, Hartline Investment Corp lifted its holdings in shares of Adobe by 76.9% during the 4th quarter. Hartline Investment Corp now owns 14,438 shares of the software company’s stock valued at $8,614,000 after purchasing an additional 6,275 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of Adobe stock traded up $4.22 on Wednesday, hitting $477.12. 2,335,078 shares of the company were exchanged, compared to its average volume of 3,526,816. The stock has a market capitalization of $213.75 billion, a price-to-earnings ratio of 45.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The company has a 50-day moving average price of $519.06 and a 200 day moving average price of $565.33. Adobe Inc. has a 1-year low of $331.89 and a 1-year 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) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.97 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, 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. In the last 90 days, insiders have sold 984 shares of company stock valued at $577,171. 0.15% of the stock is currently owned by company 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.