Kingsview Wealth Management LLC Acquires 842 Shares of Adobe Inc. (NASDAQ:ADBE)

Kingsview Wealth Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,794 shares of the software company’s stock after acquiring an additional 842 shares during the period. Kingsview Wealth Management LLC’s holdings in Adobe were worth $8,230,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Pinnacle West Asset Management Inc. lifted its stake in shares of Adobe by 8.3% in the third quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after buying an additional 90 shares in the last quarter. Allworth Financial LP increased its holdings in Adobe by 13.4% during the third quarter. Allworth Financial LP now owns 8,788 shares of the software company’s stock valued at $4,481,000 after buying an additional 1,039 shares during the last quarter. Cutter & CO Brokerage Inc. increased its holdings in Adobe by 6.1% during the third quarter. Cutter & CO Brokerage Inc. now owns 486 shares of the software company’s stock valued at $248,000 after buying an additional 28 shares during the last quarter. New Mexico Educational Retirement Board increased its holdings in Adobe by 7.2% during the third quarter. New Mexico Educational Retirement Board now owns 23,818 shares of the software company’s stock valued at $12,145,000 after buying an additional 1,600 shares during the last quarter. Finally, AIA Group Ltd purchased a new stake in Adobe during the third quarter valued at approximately $2,386,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $483.43 on Friday. The stock has a market cap of $216.58 billion, a price-to-earnings ratio of 46.22, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. 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 $494.14 and a 200-day moving average price of $558.16. Adobe Inc. has a one year low of $356.45 and a one year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 EPS. Equities analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Bank of America reduced their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, KeyCorp began coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Check Out Our Latest Report on ADBE

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was 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 owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by company insiders.

About Adobe

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.