Federated Hermes Inc. Buys 41,164 Shares of Adobe Inc. (NASDAQ:ADBE)

Federated Hermes Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 22.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 223,667 shares of the software company’s stock after purchasing an additional 41,164 shares during the quarter. Federated Hermes Inc.’s holdings in Adobe were worth $133,440,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in ADBE. One Charles Private Wealth Services LLC boosted its position in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC boosted its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. boosted its position in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC boosted its position in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised its holdings in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,075 shares of company stock worth $1,848,418. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock traded up $2.52 during trading hours on Thursday, reaching $476.97. The company had a trading volume of 721,795 shares, compared to its average volume of 3,552,952. The company has a market capitalization of $213.68 billion, a price-to-earnings ratio of 45.55, a PEG ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day moving average of $533.19 and a 200-day moving average of $566.97.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the business posted $2.97 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. KeyCorp assumed coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a report on Thursday, January 18th. Finally, Bank of America decreased their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two equities research 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, the stock currently has a consensus 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.