Ninepoint Partners LP Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Ninepoint Partners LP acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,083 shares of the software company’s stock, valued at approximately $646,000.

Other institutional investors also recently bought and sold shares of the company. Iron Horse Wealth Management LLC acquired a new stake in Adobe in the 3rd quarter worth about $25,000. HBC Financial Services PLLC acquired a new stake in Adobe in the 3rd quarter worth 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 worth $27,000 after buying an additional 19 shares during the last quarter. BluePath Capital Management LLC acquired a new stake in Adobe in the 3rd quarter worth about $39,000. Finally, Financial Freedom LLC acquired a new stake in Adobe in the 4th quarter worth about $29,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock valued at $1,848,418 over the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 1.2 %

Adobe stock traded down $5.62 during midday trading on Friday, reaching $467.56. The company’s stock had a trading volume of 1,156,239 shares, compared to its average volume of 3,543,766. The business has a 50-day simple moving average of $530.33 and a 200-day simple moving average of $566.32. The company has a market cap of $209.47 billion, a P/E ratio of 45.02, a P/E/G ratio of 2.57 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.97 earnings per share. On average, research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes 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 shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.