Adobe Inc. (NASDAQ:ADBE) Position Increased by Moser Wealth Advisors LLC

Moser Wealth Advisors LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 125.0% in the fourth quarter, HoldingsChannel reports. The firm owned 225 shares of the software company’s stock after acquiring an additional 125 shares during the period. Moser Wealth Advisors LLC’s holdings in Adobe were worth $134,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Pinnacle West Asset Management Inc. boosted its stake in shares of Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock valued at $602,000 after buying an additional 90 shares during the period. BluePath Capital Management LLC bought a new position in shares of Adobe during the 3rd quarter valued at $39,000. Mackenzie Financial Corp raised its holdings in shares of Adobe by 9.7% during the 3rd quarter. Mackenzie Financial Corp now owns 88,800 shares of the software company’s stock valued at $45,024,000 after purchasing an additional 7,848 shares in the last quarter. Farmers & Merchants Investments Inc. raised its holdings in shares of Adobe by 5.8% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 384 shares of the software company’s stock valued at $196,000 after purchasing an additional 21 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Adobe by 15.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 586,363 shares of the software company’s stock valued at $298,986,000 after purchasing an additional 77,277 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Piper Sandler Companies cut their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, TD Cowen cut their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred 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 in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Mark S. Garfield sold 97 shares of the 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 $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock traded down $1.29 during trading hours on Thursday, reaching $486.81. 245,784 shares of the company were exchanged, compared to its average volume of 3,381,080. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock’s fifty day moving average is $505.80 and its two-hundred day moving average is $561.00. The company has a market cap of $218.09 billion, a price-to-earnings ratio of 46.67, a P/E/G ratio of 2.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business earned $2.97 earnings per share. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized 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 reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Adobe 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.