AMI Asset Management Corp Acquires 2,453 Shares of Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the 1st quarter, Holdings Channel.com reports. The fund owned 89,896 shares of the software company’s stock after acquiring an additional 2,453 shares during the period. Adobe accounts for about 2.3% of AMI Asset Management Corp’s portfolio, making the stock its 19th largest position. AMI Asset Management Corp’s holdings in Adobe were worth $45,361,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Barlow Wealth Partners Inc. acquired a new position in shares of Adobe in the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. raised its stake in Adobe by 22.6% during the fourth 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 lifted its holdings in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the period. Vise Technologies Inc. grew its holdings in shares of Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Finally, Steph & Co. grew its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now 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 can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was 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 $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.4 %

NASDAQ ADBE traded up $2.44 during trading hours on Thursday, reaching $570.15. 1,664,373 shares of the company’s stock were exchanged, compared to its average volume of 4,552,269. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company’s 50-day moving average is $490.66 and its two-hundred day moving average is $534.23. The company has a market capitalization of $252.80 billion, a price-to-earnings ratio of 51.23, a price-to-earnings-growth ratio of 2.96 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced 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 analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $3.04 EPS. On average, analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared 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 shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. BMO Capital Markets lifted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Oppenheimer reissued an “outperform” rating and set a $580.00 price objective on shares of Adobe in a report on Friday, June 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $607.67.

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.