Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Suncoast Equity Management

Suncoast Equity Management lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,800 shares of the software company’s stock after purchasing an additional 459 shares during the period. Adobe accounts for about 5.4% of Suncoast Equity Management’s investment portfolio, making the stock its 6th biggest holding. Suncoast Equity Management’s holdings in Adobe were worth $41,046,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates raised its holdings in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new position in Adobe during the 4th quarter valued at about $29,000. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $35,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Barclays reduced their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. 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 report on Friday, March 15th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research report on Thursday, January 18th. Finally, TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two equities 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Performance

Shares of ADBE stock traded up $5.83 during trading on Tuesday, reaching $475.93. 1,171,484 shares of the company’s stock were exchanged, compared to its average volume of 3,591,555. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The firm’s fifty day moving average price is $538.63 and its 200-day moving average price is $567.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $213.22 billion, a PE ratio of 45.19, a PEG ratio of 2.57 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 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 business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 EPS. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related 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 completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of Adobe 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 sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Insiders have sold a total of 3,063 shares of company stock worth $1,853,025 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.