Wealthspire Advisors LLC Purchases 1,200 Shares of Adobe Inc. (NASDAQ:ADBE)

Wealthspire Advisors LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 27.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,546 shares of the software company’s stock after acquiring an additional 1,200 shares during the period. Wealthspire Advisors LLC’s holdings in Adobe were worth $3,309,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Catalyst Financial Partners LLC grew its position in shares of Adobe by 8.5% in the 4th quarter. Catalyst Financial Partners LLC now owns 1,745 shares of the software company’s stock valued at $1,041,000 after purchasing an additional 136 shares during the period. Pioneer Trust Bank N A OR boosted its holdings in shares of Adobe by 13.5% in the fourth quarter. Pioneer Trust Bank N A OR now owns 7,952 shares of the software company’s stock valued at $4,744,000 after buying an additional 945 shares during the period. Pinnacle Wealth Management Advisory Group LLC increased its position in shares of Adobe by 0.8% during the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 6,090 shares of the software company’s stock worth $3,633,000 after acquiring an additional 51 shares in the last quarter. National Pension Service raised its holdings in shares of Adobe by 2.0% during the fourth quarter. National Pension Service now owns 748,264 shares of the software company’s stock worth $446,414,000 after acquiring an additional 14,656 shares during the period. Finally, Bogart Wealth LLC lifted its stake in Adobe by 4.4% in the 4th quarter. Bogart Wealth LLC now owns 9,878 shares of the software company’s stock valued at $5,893,000 after acquiring an additional 412 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group decreased their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. JPMorgan Chase & Co. cut their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. HSBC cut their target price 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. Finally, Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. In 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

ADBE traded down $4.17 during trading on Wednesday, hitting $488.10. 2,164,807 shares of the stock traded hands, compared to its average volume of 3,417,364. The business has a 50 day moving average price of $505.80 and a 200 day moving average price of $561.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a market cap of $218.67 billion, a price-to-earnings ratio of 46.66, a PEG ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly 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. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company 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 firm earned $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.