Kestra Private Wealth Services LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Kestra Private Wealth Services LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 36.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,238 shares of the software company’s stock after buying an additional 3,781 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Adobe were worth $8,494,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Commonwealth Equity Services LLC lifted its position in Adobe by 3.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock worth $76,979,000 after acquiring an additional 5,248 shares in the last quarter. YHB Investment Advisors Inc. lifted its position in Adobe by 2.7% during the 3rd quarter. YHB Investment Advisors Inc. now owns 935 shares of the software company’s stock worth $477,000 after acquiring an additional 25 shares in the last quarter. RMR Wealth Builders lifted its position in Adobe by 27.0% during the 3rd quarter. RMR Wealth Builders now owns 4,037 shares of the software company’s stock worth $2,058,000 after acquiring an additional 858 shares in the last quarter. Suncoast Equity Management lifted its position in Adobe by 2.0% during the 3rd quarter. Suncoast Equity Management now owns 68,341 shares of the software company’s stock worth $34,847,000 after acquiring an additional 1,324 shares in the last quarter. Finally, Atlas Private Wealth Management lifted its position in Adobe by 1.3% during the 3rd quarter. Atlas Private Wealth Management now owns 5,226 shares of the software company’s stock worth $2,665,000 after acquiring an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s 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 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. Insiders have sold a total of 293 shares of company stock worth $137,656 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock traded down $3.18 during mid-day trading on Tuesday, hitting $469.89. The stock had a trading volume of 697,124 shares, compared to its average volume of 3,457,048. The firm has a market capitalization of $210.51 billion, a P/E ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $513.87 and a 200 day simple moving average of $564.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

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 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the firm posted $2.97 EPS. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Finally, Stifel Nicolaus decreased their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Adobe has an average 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.