HighPoint Advisor Group LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,335 shares of the software company’s stock, valued at approximately $5,569,000.
Several other institutional investors have also added to or reduced their stakes in the company. Kestra Advisory Services LLC lifted its position in Adobe by 1.1% during the third quarter. Kestra Advisory Services LLC now owns 26,903 shares of the software company’s stock valued at $13,718,000 after buying an additional 284 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Adobe during the third quarter valued at approximately $18,420,000. TRUE Private Wealth Advisors raised its stake in Adobe by 39.9% during the third quarter. TRUE Private Wealth Advisors now owns 841 shares of the software company’s stock valued at $429,000 after buying an additional 240 shares during the last quarter. Clearstead Advisors LLC grew its stake in shares of Adobe by 8.6% in the third quarter. Clearstead Advisors LLC now owns 5,504 shares of the software company’s stock worth $2,806,000 after acquiring an additional 434 shares during the last quarter. Finally, Mirabella Financial Services LLP increased its holdings in shares of Adobe by 519.6% during the third quarter. Mirabella Financial Services LLP now owns 5,967 shares of the software company’s stock valued at $3,043,000 after acquiring an additional 5,004 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.
Adobe Stock Performance
Shares of NASDAQ ADBE traded up $6.75 during midday trading on Tuesday, reaching $525.49. 690,875 shares of the stock were exchanged, compared to its average volume of 3,507,007. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $475.32 and a two-hundred day simple moving average of $539.44. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $235.42 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27.
Adobe announced that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
ADBE has been the subject of several analyst reports. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Friday. Sanford C. Bernstein raised their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Barclays upped their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $607.67.
View Our Latest Research Report on ADBE
Insider Buying and Selling
In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated 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 $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by corporate insiders.
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.
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