Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Simmons Bank

Simmons Bank lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,790 shares of the software company’s stock after purchasing an additional 173 shares during the quarter. Adobe comprises about 1.2% of Simmons Bank’s investment portfolio, making the stock its 14th biggest position. Simmons Bank’s holdings in Adobe were worth $14,790,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. HBC Financial Services PLLC acquired a new position in shares of Adobe during the third quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the fourth quarter worth approximately $35,000. BluePath Capital Management LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $39,000. Hanseatic Management Services Inc. acquired a new position in Adobe in the 3rd quarter worth about $45,000. Finally, First Command Advisory Services Inc. acquired a new position in shares of Adobe during the 3rd quarter worth $52,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 sale, the chief accounting officer now 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 available at this link. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE traded down $4.24 during mid-day trading on Wednesday, hitting $488.03. 1,280,033 shares of the company traded hands, compared to its average volume of 3,406,687. Adobe Inc. has a 1 year low of $331.89 and a 1 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 stock has a 50-day moving average price of $505.80 and a two-hundred day moving average price of $561.00. The stock has a market cap of $218.64 billion, a price-to-earnings ratio of 47.31, a P/E/G ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.97 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has initiated a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on ADBE shares. Mizuho reiterated a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. lowered 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. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC dropped their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.