Steel Grove Capital Advisors LLC Acquires 126 Shares of Adobe Inc. (NASDAQ:ADBE)

Steel Grove Capital Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,121 shares of the software company’s stock after purchasing an additional 126 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Adobe were worth $669,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new position in Adobe during the third quarter valued at $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates lifted its holdings in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $29,000. Finally, Halpern Financial Inc. boosted its holdings in shares of Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,162 shares of company stock valued at $5,340,250. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded down $3.20 during trading on Wednesday, reaching $504.40. The company’s stock had a trading volume of 4,226,833 shares, compared to its average volume of 3,677,814. The firm has a market cap of $228.27 billion, a price-to-earnings ratio of 48.26, a P/E/G ratio of 2.74 and a beta of 1.29. The business’s fifty day moving average price is $573.39 and its 200-day moving average price is $571.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released 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 firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.97 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Citigroup boosted their price target on Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a report on Tuesday, December 12th. HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. KeyCorp began coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price 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.