Kovack Advisors Inc. Has $2.33 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Kovack Advisors Inc. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,913 shares of the software company’s stock after purchasing an additional 246 shares during the period. Kovack Advisors Inc.’s holdings in Adobe were worth $2,334,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. HBC Financial Services PLLC acquired a new stake in Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates boosted its stake in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the fourth quarter worth $35,000. BluePath Capital Management LLC acquired a new stake in Adobe during the third quarter worth $39,000. Finally, Hanseatic Management Services Inc. acquired a new stake in Adobe during the third quarter worth $45,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, 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 transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the 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 owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.9 %

NASDAQ ADBE traded up $4.12 during trading on Friday, hitting $477.56. The stock had a trading volume of 2,460,117 shares, compared to its average volume of 3,498,041. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a market capitalization of $213.95 billion, a PE ratio of 45.66, a P/E/G ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day moving average price is $515.34 and its two-hundred day moving average price is $564.33.

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

Adobe announced that its board has authorized a share repurchase 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 buy 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 shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ADBE shares. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Oppenheimer reissued an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus 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.