Biltmore Family Office LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 7.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 752 shares of the software company’s stock after buying an additional 53 shares during the quarter. Biltmore Family Office LLC’s holdings in Adobe were worth $449,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of ADBE. Barlow Wealth Partners Inc. acquired a new stake in Adobe in the 4th quarter worth about $16,700,000. Federated Hermes Inc. raised its stake in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its stake in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares in the last quarter. Vise Technologies Inc. raised its stake in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Finally, Naviter Wealth LLC raised its stake in Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after purchasing an additional 996 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.
Insiders Place Their Bets
In other Adobe 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 transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe 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 transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on 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 owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.
Adobe Stock Down 0.6 %
Adobe stock opened at $459.87 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm’s fifty day moving average is $474.39 and its 200 day moving average is $542.43. The company has a market capitalization of $206.02 billion, a PE ratio of 43.96, a PEG ratio of 2.49 and a beta of 1.27.
Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company earned $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal 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 Ratings Changes
ADBE has been the subject of several analyst reports. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Barclays decreased their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Robert W. Baird decreased their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $600.97.
Get Our Latest Stock Report on ADBE
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.
Further Reading
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