Terra Nova Asset Management LLC Buys 60 Shares of Adobe Inc. (NASDAQ:ADBE)

Terra Nova Asset Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,906 shares of the software company’s stock after buying an additional 60 shares during the period. Terra Nova Asset Management LLC’s holdings in Adobe were worth $1,734,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates raised its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Halpern Financial Inc. raised its holdings in shares of Adobe by 314.3% in the 3rd 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. Finally, BluePath Capital Management LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of ADBE stock opened at $504.60 on Friday. The business’s fifty day moving average is $571.55 and its 200 day moving average is $571.10. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. The company has a market capitalization of $228.36 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the business posted $2.97 earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts anticipate that Adobe Inc. will post 14.57 EPS for the current fiscal year.

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

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Bank of America decreased their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Wednesday. Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday. KGI Securities upgraded shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 target price on the stock in a research report on Monday, December 4th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Wadhwani sold 6,099 shares of the firm’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 transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.