Chapman Investment Management LLC Purchases 35 Shares of Adobe Inc. (NASDAQ:ADBE)

Chapman Investment Management LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,480 shares of the software company’s stock after acquiring an additional 35 shares during the quarter. Adobe comprises 2.9% of Chapman Investment Management LLC’s holdings, making the stock its 16th largest holding. Chapman Investment Management LLC’s holdings in Adobe were worth $3,866,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe during the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates boosted 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 worth $27,000 after purchasing an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter worth $35,000. Finally, BluePath Capital Management LLC purchased a new position in Adobe in the third quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded up $4.12 during trading on Friday, reaching $477.56. The company’s stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. The stock has a market capitalization of $213.95 billion, a PE ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. 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 firm has a fifty day moving average of $515.34 and a 200 day moving average of $564.33. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its 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. The business 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 company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADBE. KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. 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 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock worth $137,656 in the last ninety days. 0.15% of the stock is currently owned by insiders.

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.