Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Brave Asset Management Inc.

Brave Asset Management Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,099 shares of the software company’s stock after acquiring an additional 28 shares during the quarter. Adobe comprises approximately 0.4% of Brave Asset Management Inc.’s holdings, making the stock its 29th largest position. Brave Asset Management Inc.’s holdings in Adobe were worth $1,252,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Rockland Trust Co. increased its holdings in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the last quarter. Team Hewins LLC acquired a new stake in Adobe in the 3rd quarter valued at approximately $4,141,000. Guinness Asset Management LTD increased its holdings in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in Adobe by 23.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after purchasing an additional 1,732 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its holdings in Adobe by 36.7% in the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock valued at $3,544,000 after purchasing an additional 1,871 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The shares were 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 in the company, valued at $2,400,519.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now 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 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.0 %

NASDAQ:ADBE traded up $0.20 during midday trading on Thursday, hitting $504.60. 3,896,406 shares of the company were exchanged, compared to its average volume of 3,681,417. The company has a fifty day simple moving average of $571.55 and a 200 day simple moving average of $571.10. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $228.36 billion, a PE ratio of 48.27, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping 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 firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the business earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Piper Sandler reiterated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday. Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.