Adobe Inc. (NASDAQ:ADBE) Shares Bought by Avaii Wealth Management LLC

Avaii Wealth Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 33.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,002 shares of the software company’s stock after purchasing an additional 252 shares during the quarter. Avaii Wealth Management LLC’s holdings in Adobe were worth $598,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Global Wealth Strategies & Associates increased its stake in shares of Adobe by 57.6% during 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 during the period. Atlantic Union Bankshares Corp boosted its holdings in Adobe by 2.6% during the third quarter. Atlantic Union Bankshares Corp now owns 11,976 shares of the software company’s stock worth $6,107,000 after buying an additional 307 shares in the last quarter. Sumitomo Life Insurance Co. boosted its holdings in Adobe by 1.9% during the third quarter. Sumitomo Life Insurance Co. now owns 11,790 shares of the software company’s stock worth $6,012,000 after buying an additional 218 shares in the last quarter. PDS Planning Inc boosted its holdings in Adobe by 3.6% during the third quarter. PDS Planning Inc now owns 2,944 shares of the software company’s stock worth $1,501,000 after buying an additional 101 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in Adobe by 3.6% during the third quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock worth $76,979,000 after buying an additional 5,248 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.1 %

ADBE traded down $0.48 during mid-day trading on Monday, hitting $477.08. The stock had a trading volume of 807,244 shares, compared to its average volume of 3,464,460. The stock’s fifty day simple moving average is $515.34 and its 200-day simple moving average is $564.66. 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 Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a market capitalization of $213.73 billion, a price-to-earnings ratio of 45.74, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28.

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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter 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, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, TD Cowen cut their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293 shares of company stock valued at $137,656. Corporate insiders own 0.15% of the company’s stock.

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.