Western Wealth Management LLC Has $2.12 Million Position in Adobe Inc. (NASDAQ:ADBE)

Western Wealth Management LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,556 shares of the software company’s stock after buying an additional 374 shares during the period. Western Wealth Management LLC’s holdings in Adobe were worth $2,122,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. One Charles Private Wealth Services LLC raised its stake in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC lifted its stake in Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. lifted its stake in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC grew its position in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.7 %

Adobe stock traded down $3.48 during midday trading on Friday, reaching $469.70. The stock had a trading volume of 514,681 shares, compared to its average volume of 3,533,929. Adobe Inc. has a 52-week low of $331.89 and a 52-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. The firm has a market cap of $210.43 billion, a price-to-earnings ratio of 45.24, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The company has a fifty day moving average of $530.33 and a 200 day moving average of $566.32.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 earnings per share. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $2,495,528.10. 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 in the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. Piper Sandler Companies decreased 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. Mizuho reaffirmed a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, TD Cowen lowered their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company 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.