Alpha Cubed Investments LLC Acquires 2,846 Shares of Adobe Inc. (NASDAQ:ADBE)

Alpha Cubed Investments LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,630 shares of the software company’s stock after acquiring an additional 2,846 shares during the quarter. Adobe comprises 2.4% of Alpha Cubed Investments LLC’s portfolio, making the stock its 9th biggest holding. Alpha Cubed Investments LLC’s holdings in Adobe were worth $42,138,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ADBE. Commonwealth Equity Services LLC boosted its stake in Adobe by 3.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock valued at $76,979,000 after purchasing an additional 5,248 shares during the period. YHB Investment Advisors Inc. lifted its position in shares of Adobe by 2.7% during the 3rd quarter. YHB Investment Advisors Inc. now owns 935 shares of the software company’s stock valued at $477,000 after acquiring an additional 25 shares during the period. RMR Wealth Builders lifted its position in shares of Adobe by 27.0% during the 3rd quarter. RMR Wealth Builders now owns 4,037 shares of the software company’s stock valued at $2,058,000 after acquiring an additional 858 shares during the period. Suncoast Equity Management lifted its position in shares of Adobe by 2.0% during the 3rd quarter. Suncoast Equity Management now owns 68,341 shares of the software company’s stock valued at $34,847,000 after acquiring an additional 1,324 shares during the period. Finally, Atlas Private Wealth Management lifted its position in shares of Adobe by 1.3% during the 3rd quarter. Atlas Private Wealth Management now owns 5,226 shares of the software company’s stock valued at $2,665,000 after acquiring an additional 67 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADBE shares. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. lowered their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two equities 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 2.2 %

Shares of ADBE stock traded down $10.24 on Tuesday, hitting $462.83. The company had a trading volume of 3,221,321 shares, compared to its average volume of 3,488,144. The firm has a market cap of $207.35 billion, a P/E ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28. The stock’s 50-day moving average is $513.87 and its two-hundred day moving average is $564.05. 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 quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate 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 business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.97 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was 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 approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the 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 completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.