Relyea Zuckerberg Hanson LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Relyea Zuckerberg Hanson LLC lifted its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 9.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,103 shares of the software company’s stock after buying an additional 96 shares during the period. Relyea Zuckerberg Hanson LLC’s holdings in Adobe were worth $658,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe during the 4th quarter valued at approximately $1,757,029,000. Moneta Group Investment Advisors LLC lifted its stake in Adobe by 115,991.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after acquiring an additional 3,245,427 shares during the period. Concentrum Wealth Management lifted its stake in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. Morgan Stanley lifted its stake in Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Finally, Invesco Ltd. lifted its stake in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on ADBE. Robert W. Baird decreased their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday. KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. Citigroup boosted their price target on shares of Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a report on Tuesday, December 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Read Our Latest Analysis on ADBE

Insider Transactions at Adobe

In related news, insider David Wadhwani sold 6,099 shares of the stock in a transaction on 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 completion of the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,162 shares of company stock worth $5,340,250. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.0 %

ADBE stock opened at $504.60 on Friday. The company’s 50 day moving average price is $569.77 and its 200 day moving average price is $570.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a market capitalization of $228.36 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for 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%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.97 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 14.57 EPS for the current fiscal year.

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

Adobe Company Profile

(Free Report)

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

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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