Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Welch & Forbes LLC

Welch & Forbes LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,983 shares of the software company’s stock after purchasing an additional 2,045 shares during the period. Welch & Forbes LLC’s holdings in Adobe were worth $57,860,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Morgan Stanley raised its holdings in Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Northern Trust Corp boosted its holdings in Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after acquiring an additional 16,379 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.5 %

Shares of ADBE traded up $7.41 on Monday, reaching $493.59. 2,103,523 shares of the company’s stock were exchanged, compared to its average volume of 3,442,089. The business has a 50 day moving average price of $507.00 and a two-hundred day moving average price of $561.34. 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 12 month low of $331.89 and a 12 month high of $638.25. The stock has a market capitalization of $221.13 billion, a P/E ratio of 47.19, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.97 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Robert W. Baird dropped their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Barclays reduced their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.