Moss Adams Wealth Advisors LLC Acquires 23 Shares of Adobe Inc. (NASDAQ:ADBE)

Moss Adams Wealth Advisors LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 553 shares of the software company’s stock after buying an additional 23 shares during the quarter. Moss Adams Wealth Advisors LLC’s holdings in Adobe were worth $330,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. HBC Financial Services PLLC bought a new stake in shares of Adobe in the third quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter worth approximately $35,000. BluePath Capital Management LLC bought a new position in Adobe in the 3rd quarter valued at $39,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at $45,000. Finally, First Command Advisory Services Inc. bought a new position in shares of Adobe in the third quarter worth $52,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies cut their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Robert W. Baird cut their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.8 %

Shares of Adobe stock traded down $4.17 during midday trading on Wednesday, hitting $488.10. The company had a trading volume of 2,164,807 shares, compared to its average volume of 3,417,364. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. 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 company has a 50 day moving average of $505.80 and a 200 day moving average of $561.00. The stock has a market capitalization of $218.67 billion, a P/E ratio of 46.66, a P/E/G ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $2.97 EPS. On average, equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by corporate 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.