Adobe Inc. (NASDAQ:ADBE) Shares Bought by Monument Capital Management

Monument Capital Management boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 87.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 737 shares of the software company’s stock after buying an additional 344 shares during the quarter. Monument Capital Management’s holdings in Adobe were worth $440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GUNN & Co INVESTMENT MANAGEMENT INC. acquired a new stake in Adobe during the fourth quarter worth $635,000. MCF Advisors LLC grew its stake in shares of Adobe by 16.6% in the fourth quarter. MCF Advisors LLC now owns 548 shares of the software company’s stock valued at $327,000 after buying an additional 78 shares in the last quarter. Klingenstein Fields & Co. LP grew its stake in shares of Adobe by 3,550.3% in the fourth quarter. Klingenstein Fields & Co. LP now owns 21,391 shares of the software company’s stock valued at $12,762,000 after buying an additional 20,805 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Adobe by 28.2% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 93,623 shares of the software company’s stock valued at $55,855,000 after buying an additional 20,593 shares in the last quarter. Finally, PSI Advisors LLC grew its stake in shares of Adobe by 7.1% in the fourth quarter. PSI Advisors LLC now owns 300 shares of the software company’s stock valued at $179,000 after buying an additional 20 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $466.89 on Tuesday. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The stock’s fifty day simple moving average is $524.19 and its 200-day simple moving average is $566.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $209.17 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The business’s revenue was up 11.3% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, KeyCorp assumed coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus 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.