Terra Nova Asset Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Terra Nova Asset Management LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,906 shares of the software company’s stock after buying an additional 60 shares during the period. Terra Nova Asset Management LLC’s holdings in Adobe were worth $1,734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the third quarter worth about $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates boosted its holdings in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new stake in Adobe in the 4th quarter valued at approximately $29,000. Finally, Halpern Financial Inc. boosted its holdings in Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, insider David Wadhwani sold 6,099 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider David Wadhwani sold 6,099 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock worth $5,340,250 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of NASDAQ:ADBE opened at $504.60 on Friday. The company’s 50-day moving average price is $571.55 and its two-hundred day moving average price is $571.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a market capitalization of $228.36 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm earned $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe announced that its board has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ADBE shares. HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday. TD Cowen reduced their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Barclays reduced their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.