Westover Capital Advisors LLC Has $1.25 Million Position in Adobe Inc. (NASDAQ:ADBE)

Westover Capital Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 27.3% during the 4th quarter, HoldingsChannel reports. The fund owned 2,093 shares of the software company’s stock after purchasing an additional 449 shares during the quarter. Westover Capital Advisors LLC’s holdings in Adobe were worth $1,249,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ADBE. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Adobe by 5.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 116,382 shares of the software company’s stock valued at $59,343,000 after acquiring an additional 6,270 shares during the period. Capital Advisors Inc. OK lifted its stake in shares of Adobe by 57.1% during the third quarter. Capital Advisors Inc. OK now owns 754 shares of the software company’s stock valued at $385,000 after acquiring an additional 274 shares during the period. Stratos Wealth Partners LTD. lifted its stake in Adobe by 9.7% in the third quarter. Stratos Wealth Partners LTD. now owns 15,220 shares of the software company’s stock valued at $7,761,000 after buying an additional 1,350 shares during the period. Hanson & Doremus Investment Management lifted its stake in Adobe by 18.2% in the third quarter. Hanson & Doremus Investment Management now owns 130 shares of the software company’s stock valued at $66,000 after buying an additional 20 shares during the period. Finally, Avaii Wealth Management LLC lifted its stake in Adobe by 2.9% in the third quarter. Avaii Wealth Management LLC now owns 750 shares of the software company’s stock valued at $382,000 after buying an additional 21 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ADBE shares. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Bank of America cut their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Piper Sandler reissued an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Mizuho restated a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 1.4 %

ADBE stock traded up $6.69 during mid-day trading on Thursday, reaching $476.08. The company had a trading volume of 1,523,312 shares, compared to its average volume of 3,452,484. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a market capitalization of $213.28 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 2.51 and a beta of 1.28. The stock has a 50 day simple moving average of $510.90 and a two-hundred day simple moving average of $562.78. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

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

Adobe announced that its board has authorized 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 purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock valued at $137,656 over the last three months. Insiders own 0.15% of the company’s stock.

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.