571 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Frazier Financial Advisors LLC

Frazier Financial Advisors LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 571 shares of the software company’s stock, valued at approximately $341,000.

Several other large investors also recently modified their holdings of the company. Tidemark LLC bought a new stake in shares of Adobe in the fourth quarter worth $91,000. Union Savings Bank grew its holdings in Adobe by 11.1% during the fourth quarter. Union Savings Bank now owns 900 shares of the software company’s stock valued at $537,000 after purchasing an additional 90 shares during the period. Alpha Family Trust grew its holdings in Adobe by 9.6% during the fourth quarter. Alpha Family Trust now owns 2,355 shares of the software company’s stock valued at $1,405,000 after purchasing an additional 207 shares during the period. Financial Advisors Network Inc. grew its holdings in Adobe by 35.7% during the fourth quarter. Financial Advisors Network Inc. now owns 1,830 shares of the software company’s stock valued at $1,092,000 after purchasing an additional 481 shares during the period. Finally, Capital Management Associates NY bought a new stake in Adobe during the fourth quarter valued at about $1,134,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.4 %

NASDAQ:ADBE traded up $2.08 during midday trading on Wednesday, hitting $483.93. The stock had a trading volume of 1,874,225 shares, compared to its average volume of 3,332,499. Adobe Inc. has a one year low of $361.72 and a one year high of $638.25. The company has a market capitalization of $216.80 billion, a price-to-earnings ratio of 46.07, a PEG ratio of 2.62 and a beta of 1.28. The stock has a 50-day moving average of $490.68 and a 200 day moving average of $557.34. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp initiated coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling

In related news, 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal 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 on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly 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 3,006 shares of company stock valued at $1,424,432 over the last quarter. 0.15% of the stock is owned by corporate insiders.

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.