Bison Wealth LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Bison Wealth LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 7.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,259 shares of the software company’s stock after buying an additional 84 shares during the period. Bison Wealth LLC’s holdings in Adobe were worth $751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rockland Trust Co. boosted its position in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Mainsail Financial Group LLC boosted its position in shares of Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $4,141,000. Guinness Asset Management LTD boosted its position in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its position in shares of Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after purchasing an additional 1,732 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, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was 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 in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock worth $1,853,025 in the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Stock Down 0.8 %

Shares of NASDAQ:ADBE opened at $470.10 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The stock has a market capitalization of $210.60 billion, a P/E ratio of 44.94, a PEG ratio of 2.57 and a beta of 1.28. The stock has a 50-day simple moving average of $538.63 and a 200-day simple moving average of $567.86.

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, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 EPS. Equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have commented on ADBE. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.