Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Claro Advisors LLC

Claro Advisors LLC grew its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 8.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,106 shares of the software company’s stock after acquiring an additional 85 shares during the quarter. Claro Advisors LLC’s holdings in Adobe were worth $660,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Iron Horse Wealth Management LLC purchased a new position in Adobe during the third quarter valued at approximately $25,000. HBC Financial Services PLLC purchased a new position in Adobe during the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new position in Adobe during the fourth quarter valued at approximately $29,000. Finally, Halpern Financial Inc. raised its position in Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 44 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, insider David Wadhwani sold 6,099 shares of Adobe 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 transaction, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction dated 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 sale, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 over the last quarter. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on ADBE shares. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. TD Cowen cut their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Mizuho restated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective 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 issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Read Our Latest Analysis on ADBE

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE opened at $504.60 on Monday. The stock has a market cap of $226.06 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 2.73 and a beta of 1.29. 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 52-week low of $331.89 and a 52-week high of $638.25. The business has a 50-day moving average price of $567.63 and a 200 day moving average price of $570.42.

Adobe (NASDAQ:ADBEGet Free Report) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business posted $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current year.

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