Adobe Inc. (NASDAQ:ADBE) Holdings Raised by Apollon Wealth Management LLC

Apollon Wealth Management LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 77.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,748 shares of the software company’s stock after buying an additional 5,554 shares during the period. Apollon Wealth Management LLC’s holdings in Adobe were worth $7,605,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADBE. Rockland Trust Co. raised its stake in Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the period. Federated Hermes Inc. lifted its stake 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 acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC boosted its position in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the period. Team Hewins LLC purchased a new position in Adobe during the 3rd quarter valued at about $4,141,000. Finally, Naviter Wealth LLC increased its holdings in shares of Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In related 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated 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 approximately $15,829,839. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several research reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research note on Thursday, January 18th. Mizuho reaffirmed a “buy” rating and set a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

NASDAQ:ADBE traded down $1.32 during mid-day trading on Tuesday, reaching $492.27. 2,517,845 shares of the company were exchanged, compared to its average volume of 3,431,529. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $220.54 billion, a PE ratio of 47.34, a PEG ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a fifty day moving average of $507.00 and a 200 day moving average of $561.34.

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 business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.97 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding 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 usually an indication that the company’s leadership 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.