Adobe Inc. (NASDAQ:ADBE) Stake Raised by RNC Capital Management LLC

RNC Capital Management LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,086 shares of the software company’s stock after purchasing an additional 278 shares during the period. RNC Capital Management LLC’s holdings in Adobe were worth $9,597,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. One Charles Private Wealth Services LLC boosted its holdings in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC raised its position in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares in the last quarter. Raleigh Capital Management Inc. raised its position in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares in the last quarter. Lantz Financial LLC raised its position in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its position in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,162 shares of company stock worth $5,340,250. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Stifel Nicolaus cut 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. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday. KGI Securities upgraded Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 target price on the stock in a research note on Monday, December 4th. Piper Sandler Companies lowered their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

NASDAQ ADBE opened at $504.40 on Thursday. The company has a 50-day simple moving average of $573.39 and a two-hundred day simple moving average of $571.57. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market cap of $228.27 billion, a price-to-earnings ratio of 48.26, a PEG ratio of 2.74 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business posted $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.57 EPS for the current year.

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

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.