Carret Asset Management LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Carret Asset Management LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 3,665 shares of the software company’s stock after purchasing an additional 220 shares during the period. Carret Asset Management LLC’s holdings in Adobe were worth $1,849,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Invst LLC grew its holdings in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its stake in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC increased its holdings in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the period. B & T Capital Management DBA Alpha Capital Management raised its stake in shares of Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares in the last quarter. Finally, Evolution Advisers Inc. lifted its holdings in shares of Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ADBE shares. Melius Research reissued a “hold” rating and issued a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. HSBC cut their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Sanford C. Bernstein raised their price target on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Finally, UBS Group reduced their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Up 0.4 %

ADBE stock traded up $2.44 during midday trading on Wednesday, hitting $570.15. The company’s stock had a trading volume of 1,514,205 shares, compared to its average volume of 3,565,527. The company’s fifty day moving average price is $488.79 and its 200 day moving average price is $533.97. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market capitalization of $252.80 billion, a P/E ratio of 50.85, a PEG ratio of 2.90 and a beta of 1.30.

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

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

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by insiders.

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.