New Century Financial Group LLC Takes $833,000 Position in Adobe Inc. (NASDAQ:ADBE)

New Century Financial Group LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,397 shares of the software company’s stock, valued at approximately $833,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the third quarter valued at about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the 4th quarter valued at $35,000. Hanseatic Management Services Inc. purchased a new position in Adobe during the third quarter worth $45,000. First Command Advisory Services Inc. acquired a new position in shares of Adobe in the third quarter worth $52,000. Finally, BKM Wealth Management LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $65,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Mizuho reissued 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 decreased their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus cut their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, UBS Group dropped their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $620.72.

Get Our Latest Stock Report on ADBE

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe 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 directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.1 %

Shares of NASDAQ ADBE traded up $0.55 during trading on Friday, reaching $483.43. 2,261,147 shares of the stock were exchanged, compared to its average volume of 2,689,464. The business’s 50-day moving average price is $494.14 and its 200 day moving average price is $558.16. The company has a market capitalization 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. Adobe Inc. has a twelve month low of $356.45 and a twelve month high of $638.25. 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 (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.97 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share repurchase 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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