Adobe Inc. (NASDAQ:ADBE) Shares Bought by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 23.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 6,150 shares of the software company’s stock after acquiring an additional 1,161 shares during the period. Great Valley Advisor Group Inc.’s holdings in Adobe were worth $3,669,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Concentrum Wealth Management lifted its stake in shares of Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Adobe during the fourth quarter worth about $875,592,000. Invesco Ltd. raised its stake in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares during the period. Jennison Associates LLC raised its stake in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC purchased a new position in Adobe during the third quarter worth about $152,970,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $1.91 on Thursday, reaching $471.30. 155,021 shares of the company were exchanged, compared to its average volume of 3,436,837. The firm has a market cap of $211.14 billion, a price-to-earnings ratio of 44.87, a price-to-earnings-growth ratio of 2.51 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a 50-day moving average of $510.90 and a 200-day moving average of $562.78. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.97 EPS. Equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ADBE. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. BMO Capital Markets restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Piper Sandler Companies dropped their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 293 shares of company stock valued at $137,656. Insiders own 0.15% of the company’s stock.

Adobe Company 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.