Colonial River Wealth Management LLC Takes $504,000 Position in Adobe Inc. (NASDAQ:ADBE)

Colonial River Wealth Management LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 845 shares of the software company’s stock, valued at approximately $504,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Iron Horse Wealth Management LLC bought a new stake in Adobe during the third quarter worth $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares in the last quarter. Halpern Financial Inc. grew its holdings in Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares in the last quarter. Finally, BluePath Capital Management LLC bought a new stake in Adobe during the third quarter worth $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler Companies reduced their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. 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’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Check Out Our Latest Stock Report on Adobe

Insiders Place Their Bets

In other news, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

NASDAQ ADBE traded down $2.88 during trading on Tuesday, reaching $499.21. The company’s stock had a trading volume of 3,082,890 shares, compared to its average volume of 3,646,125. The stock has a market capitalization of $223.65 billion, a PE ratio of 47.84, a P/E/G ratio of 2.73 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. The firm has a fifty day moving average of $565.60 and a 200 day moving average of $570.18. Adobe Inc. has a one year low of $331.89 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 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for 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%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Adobe Company Profile

(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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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