Resonant Capital Advisors LLC Has $1.53 Million Position in Adobe Inc. (NASDAQ:ADBE)

Resonant Capital Advisors LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 215.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,559 shares of the software company’s stock after buying an additional 1,749 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Adobe were worth $1,527,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC acquired a new stake in Adobe during the third quarter worth approximately $25,000. HBC Financial Services PLLC acquired a new stake in Adobe during the third quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its position in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares in the last quarter. Financial Freedom LLC acquired a new stake in Adobe during the fourth quarter worth approximately $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in Adobe during the fourth quarter worth $35,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 1.7 %

Shares of NASDAQ:ADBE opened at $465.02 on Friday. The firm has a market cap of $208.33 billion, a P/E ratio of 44.46, a P/E/G ratio of 2.56 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 simple moving average of $527.09 and a 200 day simple moving average of $565.93.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Robert W. Baird cut their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,075 shares of company stock worth $1,848,418. Company insiders own 0.15% of the company’s stock.

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.