Geneva Partners LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Geneva Partners LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel.com reports. The fund bought 2,045 shares of the software company’s stock, valued at approximately $1,220,000.

A number of other large investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Adobe in the 4th quarter valued at about $1,757,029,000. Moneta Group Investment Advisors LLC raised its position in Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after buying an additional 3,245,427 shares during the last quarter. Concentrum Wealth Management lifted its stake in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. Morgan Stanley boosted its position in Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $875,592,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADBE. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity at Adobe

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

Adobe Stock Performance

Shares of Adobe stock traded down $8.16 during trading on Friday, reaching $465.02. The company’s stock had a trading volume of 3,280,642 shares, compared to its average volume of 3,572,111. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $527.09 and its 200-day moving average price is $565.93. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The firm has a market cap of $208.33 billion, a PE ratio of 44.46, a P/E/G ratio of 2.57 and a beta of 1.28.

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

Adobe announced that its board has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

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.