Adobe Inc. (NASDAQ:ADBE) Shares Purchased by RMR Wealth Builders

RMR Wealth Builders raised its stake in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,252 shares of the software company’s stock after acquiring an additional 215 shares during the quarter. RMR Wealth Builders’ holdings in Adobe were worth $2,537,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. One Charles Private Wealth Services LLC raised its position in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC increased its holdings in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. increased its holdings in 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 purchasing an additional 17 shares in the last quarter. Lantz Financial LLC increased its holdings in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its holdings in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $488.14 on Thursday. The firm has a market cap of $218.69 billion, a PE ratio of 46.66, a PEG ratio of 2.63 and a beta of 1.28. The firm has a fifty day moving average of $505.80 and a 200 day moving average of $561.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping 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 company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $2.97 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADBE shares. 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. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. TD Cowen reduced their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last 90 days. 0.15% of the stock is owned by insiders.

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.