2,038 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Unique Wealth Strategies LLC

Unique Wealth Strategies LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,038 shares of the software company’s stock, valued at approximately $1,216,000.

Several other institutional investors also recently made changes to their positions in the stock. Rockland Trust Co. lifted its stake in Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares during the last quarter. Federated Hermes Inc. grew its position in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its stake in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the period. Team Hewins LLC bought a new stake in shares of Adobe during the third quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD boosted its position in shares of Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after buying an additional 2,499 shares during the period. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.9 %

NASDAQ:ADBE traded up $4.12 during trading hours on Friday, hitting $477.56. 2,460,261 shares of the company’s stock traded hands, compared to its average volume of 2,815,745. The stock’s fifty day moving average price is $515.34 and its two-hundred day moving average price is $564.33. The firm has a market cap of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results 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. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. TD Cowen reduced their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. Finally, Bank of America lowered their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

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.