Eads & Heald Wealth Management Buys 1,241 Shares of Adobe Inc. (NASDAQ:ADBE)

Eads & Heald Wealth Management boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 37.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,549 shares of the software company’s stock after acquiring an additional 1,241 shares during the quarter. Adobe accounts for 1.3% of Eads & Heald Wealth Management’s portfolio, making the stock its 18th largest position. Eads & Heald Wealth Management’s holdings in Adobe were worth $2,714,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Rockland Trust Co. increased its stake 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 during the last quarter. Mainsail Financial Group LLC increased its stake 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 during the last quarter. Team Hewins LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $4,141,000. Guinness Asset Management LTD increased its stake 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 during the last quarter. Finally, Dynamic Advisor Solutions LLC increased its stake 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 during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of Adobe stock traded down $3.99 on Monday, reaching $470.10. 3,352,074 shares of the stock were exchanged, compared to its average volume of 3,626,582. The firm’s 50 day moving average is $541.84 and its 200-day moving average is $568.10. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $210.60 billion, a PE ratio of 44.86, a P/E/G ratio of 2.57 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Activity at Adobe

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Piper Sandler Companies lowered their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TD Cowen decreased their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC decreased their price target 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently 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.