Syon Capital LLC Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Syon Capital LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 27.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 4,572 shares of the software company’s stock after acquiring an additional 977 shares during the quarter. Syon Capital LLC’s holdings in Adobe were worth $2,728,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Investment Advisors LLC raised its holdings in Adobe by 13.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,980 shares of the software company’s stock worth $1,009,000 after purchasing an additional 233 shares during the period. Impact Partnership Wealth LLC raised its holdings in Adobe by 459.5% in the 3rd quarter. Impact Partnership Wealth LLC now owns 235 shares of the software company’s stock worth $120,000 after purchasing an additional 193 shares during the period. Founders Financial Securities LLC raised its holdings in Adobe by 42.0% during the third quarter. Founders Financial Securities LLC now owns 1,706 shares of the software company’s stock valued at $870,000 after acquiring an additional 505 shares during the period. B & T Capital Management DBA Alpha Capital Management bought a new stake in Adobe during the third quarter valued at about $204,000. Finally, Meridian Wealth Management LLC raised its holdings in Adobe by 15.1% during the third quarter. Meridian Wealth Management LLC now owns 1,831 shares of the software company’s stock valued at $934,000 after acquiring an additional 240 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE traded up $4.12 during trading hours on Friday, reaching $477.56. 2,313,140 shares of the company traded hands, compared to its average volume of 3,496,222. The stock has a market capitalization of $213.95 billion, a P/E ratio of 46.08, a P/E/G ratio of 2.58 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The business has a fifty day moving average price of $516.72 and a 200-day moving average price of $564.69.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.97 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were 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 of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the 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 disclosure for this sale can be found here. Insiders have sold 293 shares of company stock valued at $137,656 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on ADBE shares. UBS Group decreased their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $620.72.

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.