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

MONECO Advisors LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 662.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,461 shares of the software company’s stock after purchasing an additional 3,876 shares during the quarter. MONECO Advisors LLC’s holdings in Adobe were worth $2,662,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. HBC Financial Services PLLC acquired a new position in Adobe during the third quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth $35,000. BluePath Capital Management LLC acquired a new position in Adobe during the third quarter worth $39,000. Hanseatic Management Services Inc. acquired a new position in Adobe during the third quarter worth $45,000. Finally, Hoey Investments Inc. boosted its stake in Adobe by 526.7% during the third quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock worth $48,000 after buying an additional 79 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp started coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company decreased their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $10.24 during trading hours on Tuesday, reaching $462.83. The stock had a trading volume of 3,221,321 shares, compared to its average volume of 3,488,144. The firm has a market cap of $207.35 billion, a price-to-earnings ratio of 44.98, a PEG ratio of 2.59 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a 50-day moving average of $513.87 and a 200-day moving average of $564.05.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm earned $2.97 EPS. The business’s revenue was up 11.3% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Adobe Company 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.