Zhang Financial LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Zhang Financial LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 58.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,287 shares of the software company’s stock after acquiring an additional 846 shares during the period. Zhang Financial LLC’s holdings in Adobe were worth $1,364,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new position in Adobe in the 3rd quarter valued at approximately $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates lifted its holdings in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Financial Freedom LLC bought a new position in shares of Adobe during the 4th quarter valued at $29,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of Adobe during the 4th quarter valued at $35,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 1.7 %

Shares of NASDAQ:ADBE opened at $465.02 on Friday. The company has a market cap of $208.33 billion, a price-to-earnings ratio of 44.46, a PEG ratio of 2.56 and a beta of 1.28. The company has a 50-day moving average price of $527.09 and a 200 day moving average price of $565.93. The company has a current ratio of 1.05, a quick 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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The company 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%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company posted $2.97 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has approved a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADBE shares. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler Companies reduced their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. 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 issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target 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.