Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 12.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 7,180 shares of the software company’s stock after acquiring an additional 818 shares during the period. Procyon Advisors LLC’s holdings in Adobe were worth $4,284,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Adobe in the fourth quarter valued at about $1,757,029,000. Moneta Group Investment Advisors LLC raised its position in shares of Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after purchasing an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management boosted its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the last quarter. Morgan Stanley grew its position in shares of Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after buying an additional 1,471,861 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ADBE shares. HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. KeyCorp began coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. Finally, Citigroup increased their price objective on shares of Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was 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 of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,162 shares of company stock valued at $5,340,250. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $0.98 on Thursday, reaching $505.38. 632,512 shares of the company traded hands, compared to its average volume of 3,622,505. 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 stock has a market capitalization of $228.71 billion, a PE ratio of 48.22, a P/E/G ratio of 2.75 and a beta of 1.29. The company’s 50 day moving average is $573.39 and its 200-day moving average is $571.57. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during 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 quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.97 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share repurchase program 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 programs are typically a sign 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.