EdgeRock Capital LLC Makes New $272,000 Investment in Adobe Inc. (NASDAQ:ADBE)

EdgeRock Capital LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 429 shares of the software company’s stock, valued at approximately $272,000.

Other large investors also recently modified their holdings of the company. HBC Financial Services PLLC acquired a new position in shares of Adobe during the third quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter worth approximately $35,000. BluePath Capital Management LLC acquired a new position in shares of Adobe during the third quarter worth approximately $39,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the third quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. acquired a new position in shares of Adobe during the third quarter worth approximately $52,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated 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 owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.3 %

Adobe stock traded down $1.32 during mid-day trading on Tuesday, hitting $492.27. The stock had a trading volume of 2,517,845 shares, compared to its average volume of 3,431,529. The stock has a 50-day simple moving average of $505.80 and a two-hundred day simple moving average of $561.00. The stock has a market capitalization of $220.54 billion, a PE ratio of 47.06, a P/E/G 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 current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (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 return on equity of 39.12% and a net margin of 24.08%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.97 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

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

Analyst Ratings Changes

A number of research analysts have recently commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Barclays cut their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Bank of America cut their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.