Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Trifecta Capital Advisors LLC

Trifecta Capital Advisors LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,407 shares of the software company’s stock after buying an additional 412 shares during the quarter. Adobe comprises 1.0% of Trifecta Capital Advisors LLC’s holdings, making the stock its 29th biggest position. Trifecta Capital Advisors LLC’s holdings in Adobe were worth $4,242,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter worth $35,000. Steph & Co. raised its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Vima LLC acquired a new stake in Adobe in the 4th quarter valued at about $55,000. Pineridge Advisors LLC bought a new position in shares of Adobe during the 4th quarter valued at about $60,000. Finally, Scarborough Advisors LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $61,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of 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 28,270 shares of company stock valued at $15,165,916 in the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Piper Sandler restated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Friday, June 14th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Finally, Oppenheimer restated an “outperform” rating and set a $580.00 price objective on shares of Adobe in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Performance

Shares of Adobe stock traded up $8.78 on Friday, reaching $555.54. The stock had a trading volume of 5,084,543 shares, compared to its average volume of 4,723,748. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The business’s 50-day moving average price is $485.04 and its two-hundred day moving average price is $535.58. The stock has a market cap of $246.33 billion, a P/E ratio of 49.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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