Peregrine Asset Advisers Inc. Purchases Shares of 411 Adobe Inc. (NASDAQ:ADBE)

Peregrine Asset Advisers Inc. acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 411 shares of the software company’s stock, valued at approximately $245,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. HBC Financial Services PLLC bought a new position in shares of Adobe in the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe in the 4th quarter worth $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe during the 3rd quarter valued at $39,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe during the 3rd quarter valued at $45,000. Finally, First Command Advisory Services Inc. bought a new position in shares of Adobe during the 3rd quarter valued at $52,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two research 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 over the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Stock Up 1.5 %

Shares of Adobe stock traded up $7.41 during trading on Monday, hitting $493.59. The company’s stock had a trading volume of 2,103,523 shares, compared to its average volume of 3,442,089. The company has a market capitalization of $221.13 billion, a PE ratio of 47.19, a P/E/G ratio of 2.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a fifty day simple moving average of $507.00 and a two-hundred day simple moving average of $561.34.

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

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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.