Adobe Inc. (NASDAQ:ADBE) Stock Position Lifted by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 145.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,225 shares of the software company’s stock after acquiring an additional 3,094 shares during the period. Connecticut Wealth Management LLC’s holdings in Adobe were worth $3,117,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rockland Trust Co. lifted its stake in Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the last quarter. Federated Hermes Inc. lifted its stake in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC acquired a new stake in Adobe in the third quarter valued at approximately $4,141,000. Finally, Naviter Wealth LLC lifted its stake in Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after acquiring an additional 996 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE traded up $9.61 during trading hours on Friday, hitting $486.18. The stock had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. The company’s fifty day moving average is $508.34 and its two-hundred day moving average is $561.74. 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 Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market capitalization of $217.81 billion, a price-to-earnings ratio of 46.48, a P/E/G ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the company’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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 96 shares of the company’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 owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was 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 in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ADBE. Stifel Nicolaus reduced their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Oppenheimer restated an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

About Adobe

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.