Adobe Inc. (NASDAQ:ADBE) is CV Advisors LLC’s 8th Largest Position

CV Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,368 shares of the software company’s stock after buying an additional 380 shares during the period. Adobe makes up about 1.4% of CV Advisors LLC’s portfolio, making the stock its 8th biggest holding. CV Advisors LLC’s holdings in Adobe were worth $2,009,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Rockland Trust Co. lifted its stake in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC bought a new stake in shares of Adobe in the 3rd quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD lifted its stake in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other 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 transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, 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. Over the last 90 days, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 1.3 %

ADBE traded up $6.01 during trading hours on Tuesday, reaching $472.90. The company’s stock had a trading volume of 2,030,383 shares, compared to its average volume of 3,532,809. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market cap of $211.86 billion, a PE ratio of 44.88, a P/E/G ratio of 2.52 and a beta of 1.28. The business’s 50-day moving average is $524.19 and its 200-day moving average is $566.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping 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 company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts predict 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 repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Piper Sandler restated an “overweight” rating and set a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TD Cowen reduced their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

About Adobe

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.