Valley Wealth Managers Inc. Has $499,000 Position in Adobe Inc. (NASDAQ:ADBE)

Valley Wealth Managers Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 41.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 988 shares of the software company’s stock after acquiring an additional 288 shares during the period. Valley Wealth Managers Inc.’s holdings in Adobe were worth $499,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Harbour Investments Inc. boosted its position in Adobe by 10.7% during the third quarter. Harbour Investments Inc. now owns 435 shares of the software company’s stock valued at $222,000 after acquiring an additional 42 shares during the last quarter. Hohimer Wealth Management LLC boosted its holdings in shares of Adobe by 0.9% during the 3rd quarter. Hohimer Wealth Management LLC now owns 2,023 shares of the software company’s stock worth $1,032,000 after buying an additional 19 shares in the last quarter. Carlson Capital Management grew its position in shares of Adobe by 6.2% during the 3rd quarter. Carlson Capital Management now owns 1,155 shares of the software company’s stock worth $589,000 after buying an additional 67 shares during the period. Comerica Bank increased its stake in shares of Adobe by 191.0% in the 3rd quarter. Comerica Bank now owns 132,189 shares of the software company’s stock valued at $67,403,000 after acquiring an additional 86,769 shares in the last quarter. Finally, Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Adobe during the 3rd quarter valued at $548,000. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on 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 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 filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. 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 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Sanford C. Bernstein lifted their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Finally, KeyCorp boosted their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Down 0.7 %

Shares of ADBE stock traded down $4.14 during trading hours on Thursday, reaching $560.41. 1,720,093 shares of the company’s stock were exchanged, compared to its average volume of 3,523,072. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock’s 50 day moving average is $500.62 and its 200-day moving average is $533.22. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $248.49 billion, a price-to-earnings ratio of 50.60, a P/E/G ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the business posted $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock repurchase program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

About Adobe

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.