Investment Research & Advisory Group Inc. Has $2.24 Million Position in Adobe Inc. (NASDAQ:ADBE)

Investment Research & Advisory Group Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 3,757 shares of the software company’s stock after selling 53 shares during the period. Adobe makes up 1.1% of Investment Research & Advisory Group Inc.’s investment portfolio, making the stock its 29th biggest holding. Investment Research & Advisory Group Inc.’s holdings in Adobe were worth $2,241,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe in the third quarter valued at about $25,000. HBC Financial Services PLLC bought a new stake in Adobe in the third quarter valued at about $25,000. Global Wealth Strategies & Associates increased its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC bought a new stake in Adobe in the fourth quarter valued at about $29,000. Finally, Halpern Financial Inc. increased its stake in Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 44 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. HSBC decreased their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday. KGI Securities raised shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective on the stock in a research note on Monday, December 4th. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $619.00.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. 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 84 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,162 shares of company stock worth $5,340,250. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.2 %

ADBE traded down $6.00 during mid-day trading on Wednesday, hitting $501.60. The stock had a trading volume of 2,450,878 shares, compared to its average volume of 3,646,385. The stock’s fifty day simple moving average is $575.19 and its 200-day simple moving average is $571.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The firm has a market capitalization of $227.00 billion, a price-to-earnings ratio of 48.21, a price-to-earnings-growth ratio of 2.74 and a beta of 1.29. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $2.97 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

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.