Bluesphere Advisors LLC Purchases 78 Shares of Adobe Inc. (NASDAQ:ADBE)

Bluesphere Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 7.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,141 shares of the software company’s stock after purchasing an additional 78 shares during the period. Bluesphere Advisors LLC’s holdings in Adobe were worth $681,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Concentrum Wealth Management boosted its holdings in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Adobe in the 4th quarter worth about $875,592,000. Invesco Ltd. grew its position in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares during the period. Jennison Associates LLC grew its position in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $152,970,000. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the 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 completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last quarter, insiders sold 293 shares of company stock valued at $137,656. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Robert W. Baird reduced their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Barclays decreased their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Down 0.3 %

Shares of ADBE traded down $1.58 on Monday, hitting $475.98. 961,265 shares of the stock traded hands, compared to its average volume of 3,465,991. The company has a market capitalization of $213.24 billion, a PE ratio of 45.74, a P/E/G ratio of 2.59 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year 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 business has a 50 day simple moving average of $515.34 and a 200 day simple moving average of $564.66.

Adobe (NASDAQ:ADBE) last posted its earnings results 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts forecast 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 program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

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.