Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Sandy Cove Advisors LLC

Sandy Cove Advisors LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 20.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 773 shares of the software company’s stock after purchasing an additional 129 shares during the quarter. Sandy Cove Advisors LLC’s holdings in Adobe were worth $461,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new position in Adobe during the 3rd quarter valued at approximately $25,000. HBC Financial Services PLLC acquired a new position in Adobe during the 3rd quarter worth $25,000. Global Wealth Strategies & Associates boosted its position in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Halpern Financial Inc. boosted its position in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares during the period. Finally, BluePath Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $511.50 on Wednesday. The business’s 50-day moving average price is $575.19 and its two-hundred day moving average price is $571.94. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The firm has a market cap of $231.48 billion, a PE ratio of 48.53, a P/E/G ratio of 2.74 and a beta of 1.29. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADBE shares. KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Stifel Nicolaus dropped their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies dropped their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Evercore ISI dropped their target price on Adobe from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. decreased their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $619.00.

Insiders Place Their Bets

In other Adobe news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction that occurred on 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 owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold a total of 9,162 shares of company stock valued at $5,340,250 over the last 90 days. 0.15% of the stock is currently owned by 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.