Linden Thomas Advisory Services LLC Purchases 586 Shares of Adobe Inc. (NASDAQ:ADBE)

Linden Thomas Advisory Services LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 14.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 4,558 shares of the software company’s stock after buying an additional 586 shares during the quarter. Adobe comprises approximately 0.5% of Linden Thomas Advisory Services LLC’s investment portfolio, making the stock its 28th largest position. Linden Thomas Advisory Services LLC’s holdings in Adobe were worth $2,719,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Morgan Stanley increased its position in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Northern Trust Corp grew its position in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares during the period. Jennison Associates LLC grew its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. Invesco Ltd. grew its position in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares during the period. Finally, Concentrum Wealth Management grew its position in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded up $6.58 during trading hours on Tuesday, reaching $473.47. The company’s stock had a trading volume of 1,370,394 shares, compared to its average volume of 3,530,708. The firm has a 50 day moving average price of $524.19 and a 200-day moving average price of $566.33. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $212.11 billion, a P/E ratio of 44.88, a P/E/G ratio of 2.52 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 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 firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm posted $2.97 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Transactions at Adobe

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 directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were 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 directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock worth $1,848,418 in the last three months. Insiders own 0.15% of the company’s stock.

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.