Adobe Inc. (NASDAQ:ADBE) Shares Bought by RWA Wealth Partners LLC

RWA Wealth Partners LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 275.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,436 shares of the software company’s stock after acquiring an additional 6,926 shares during the quarter. RWA Wealth Partners LLC’s holdings in Adobe were worth $5,630,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Iron Horse Wealth Management LLC acquired a new stake in Adobe in the third quarter valued at approximately $25,000. HBC Financial Services PLLC acquired a new stake in Adobe in the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates grew its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter valued at approximately $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the firm’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 transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,075 shares of company stock valued at $1,848,418. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $465.72 on Tuesday. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business’s fifty day moving average price is $524.19 and its two-hundred day moving average price is $566.33. The firm has a market capitalization of $208.64 billion, a PE ratio of 44.64, a P/E/G ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm 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 firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the company earned $2.97 earnings per share. On average, research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share 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 repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. TD Cowen reduced their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.