Lyell Wealth Management LP Has $12.19 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Lyell Wealth Management LP boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,424 shares of the software company’s stock after buying an additional 352 shares during the quarter. Adobe makes up 1.4% of Lyell Wealth Management LP’s investment portfolio, making the stock its 18th largest holding. Lyell Wealth Management LP’s holdings in Adobe were worth $12,185,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Capital Investment Advisors LLC raised its position in Adobe by 13.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,980 shares of the software company’s stock valued at $1,009,000 after buying an additional 233 shares during the last quarter. Impact Partnership Wealth LLC raised its position in Adobe by 459.5% in the 3rd quarter. Impact Partnership Wealth LLC now owns 235 shares of the software company’s stock valued at $120,000 after buying an additional 193 shares during the last quarter. Founders Financial Securities LLC raised its position in Adobe by 42.0% in the 3rd quarter. Founders Financial Securities LLC now owns 1,706 shares of the software company’s stock valued at $870,000 after buying an additional 505 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management purchased a new stake in Adobe in the 3rd quarter valued at $204,000. Finally, Meridian Wealth Management LLC raised its position in Adobe by 15.1% in the 3rd quarter. Meridian Wealth Management LLC now owns 1,831 shares of the software company’s stock valued at $934,000 after buying an additional 240 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $4.22 during trading hours on Wednesday, reaching $477.12. 2,335,078 shares of the stock traded hands, compared to its average volume of 3,526,816. The company has a market capitalization of $213.75 billion, a P/E ratio of 45.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company’s 50-day simple moving average is $519.06 and its two-hundred day simple moving average is $565.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for 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%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $2.97 EPS. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was 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 of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 984 shares of company stock valued at $577,171. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company cut their price target on 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 cut their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two equities research 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. Based on data from MarketBeat, Adobe 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.