Cutter & CO Brokerage Inc. Has $341,000 Position in Adobe Inc. (NASDAQ:ADBE)

Cutter & CO Brokerage Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 571 shares of the software company’s stock after buying an additional 85 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Adobe were worth $341,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. One Charles Private Wealth Services LLC boosted its holdings in Adobe by 2.2% during the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after buying an additional 17 shares during the last quarter. Invst LLC raised its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares during the period. Raleigh Capital Management Inc. increased its holdings 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 worth $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC increased its holdings in shares of Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised its holdings in Adobe by 4.3% in 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 acquiring an additional 17 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.0 %

Shares of NASDAQ ADBE traded up $4.91 during trading hours on Wednesday, hitting $477.81. 1,104,706 shares of the company traded hands, compared to its average volume of 3,510,446. The stock has a market capitalization of $214.06 billion, a price-to-earnings ratio of 45.37, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average price is $521.61 and its 200 day moving average price is $565.95. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 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 the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Adobe

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 transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 984 shares of company stock valued at $577,171 in the last quarter. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Robert W. Baird cut their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus dropped their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, HSBC dropped their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Two investment 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. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Company 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.