Left Brain Wealth Management LLC Acquires 130 Shares of Adobe Inc. (NASDAQ:ADBE)

Left Brain Wealth Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,589 shares of the software company’s stock after buying an additional 130 shares during the quarter. Left Brain Wealth Management LLC’s holdings in Adobe were worth $948,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Adobe in the 4th quarter valued at approximately $3,277,785,000. International Assets Investment Management LLC purchased a new position in shares of Adobe in the 4th quarter valued at approximately $875,592,000. Invesco Ltd. raised its stake in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares during the last quarter. Putnam Investments LLC raised its stake in Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after buying an additional 307,479 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new position in Adobe during the third quarter valued at $152,970,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now 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 three months, insiders have sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $0.98 during mid-day trading on Tuesday, reaching $458.96. The stock had a trading volume of 1,328,248 shares, compared to its average volume of 3,338,981. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $205.61 billion, a P/E ratio of 43.91, a price-to-earnings-growth ratio of 2.52 and a beta of 1.27. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business’s 50 day moving average price is $475.87 and its 200 day moving average price is $544.12.

Adobe (NASDAQ:ADBE) last posted 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 the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.97 earnings per share. Research analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $600.97.

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.