Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Flputnam Investment Management Co.

Flputnam Investment Management Co. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,438 shares of the software company’s stock after purchasing an additional 4,582 shares during the period. Flputnam Investment Management Co.’s holdings in Adobe were worth $22,336,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADBE. One Charles Private Wealth Services LLC lifted its position in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares during the last quarter. Invst LLC boosted its position in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. increased its holdings in shares of Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC raised its stake in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its holdings in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on ADBE shares. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Barclays decreased their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. HSBC dropped their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 3,063 shares of company stock valued at $1,853,025 in the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

NASDAQ ADBE traded down $3.99 on Monday, reaching $470.10. The company’s stock had a trading volume of 3,337,477 shares, compared to its average volume of 3,626,393. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $210.60 billion, a PE ratio of 44.86, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The business has a 50-day moving average price of $541.84 and a 200 day moving average price of $568.10.

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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.