Echo45 Advisors LLC Acquires 25 Shares of Adobe Inc. (NASDAQ:ADBE)

Echo45 Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 550 shares of the software company’s stock after buying an additional 25 shares during the period. Echo45 Advisors LLC’s holdings in Adobe were worth $328,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Fidelis Capital Partners LLC raised its holdings in Adobe by 41.6% in the 4th quarter. Fidelis Capital Partners LLC now owns 3,839 shares of the software company’s stock valued at $2,290,000 after buying an additional 1,128 shares during the last quarter. Western Wealth Management LLC raised its holdings in Adobe by 11.8% during the 4th quarter. Western Wealth Management LLC now owns 3,556 shares of the software company’s stock worth $2,122,000 after purchasing an additional 374 shares during the last quarter. Calamos Advisors LLC raised its holdings in Adobe by 4.7% during the 4th quarter. Calamos Advisors LLC now owns 133,296 shares of the software company’s stock worth $79,524,000 after purchasing an additional 5,967 shares during the last quarter. Oliver Lagore Vanvalin Investment Group raised its holdings in Adobe by 52.0% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 1,809 shares of the software company’s stock worth $1,079,000 after purchasing an additional 619 shares during the last quarter. Finally, Delta Financial Advisors LLC raised its holdings in Adobe by 25.7% during the 4th quarter. Delta Financial Advisors LLC now owns 1,115 shares of the software company’s stock worth $665,000 after purchasing an additional 228 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $1.27 during mid-day trading on Thursday, reaching $473.18. 2,389,327 shares of the company’s stock were exchanged, compared to its average volume of 3,575,996. The firm has a market capitalization of $211.98 billion, a price-to-earnings ratio of 45.24, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a 50-day moving average price of $533.19 and a two-hundred day moving average price of $566.97.

Adobe (NASDAQ:ADBE) last released its earnings results 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 company had revenue of $5.18 billion for 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 business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.97 EPS. Analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to reacquire 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.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’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 value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,075 shares of company stock worth $1,848,418. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. 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. JPMorgan Chase & Co. reduced their price objective 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 downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. Two investment 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’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target 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.