Lathrop Investment Management Corp Has $19.61 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Lathrop Investment Management Corp cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,873 shares of the software company’s stock after selling 2,176 shares during the period. Adobe makes up 4.0% of Lathrop Investment Management Corp’s portfolio, making the stock its 3rd largest position. Lathrop Investment Management Corp’s holdings in Adobe were worth $19,612,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new position in shares of Adobe during the third quarter valued at about $25,000. Global Wealth Strategies & Associates raised its stake in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the fourth quarter valued at about $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe during the third quarter valued at about $39,000. Finally, Hanseatic Management Services Inc. bought a new position in shares of Adobe during the third quarter valued at about $45,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. DA Davidson reiterated a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies reduced their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insiders Place Their Bets

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

Adobe Stock Performance

ADBE traded up $4.12 during trading on Friday, hitting $477.56. The company’s stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. 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 Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market cap of $213.95 billion, a PE ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The business’s 50 day simple moving average is $515.34 and its 200-day simple moving average is $564.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Adobe 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.