Monument Capital Management Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Monument Capital Management grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 87.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 737 shares of the software company’s stock after acquiring an additional 344 shares during the quarter. Monument Capital Management’s holdings in Adobe were worth $440,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ADBE. Capital Investment Advisors LLC boosted its position in shares of Adobe by 13.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,980 shares of the software company’s stock valued at $1,009,000 after purchasing an additional 233 shares during the period. Impact Partnership Wealth LLC boosted its position in shares of Adobe by 459.5% in the 3rd quarter. Impact Partnership Wealth LLC now owns 235 shares of the software company’s stock valued at $120,000 after purchasing an additional 193 shares during the period. 1900 Wealth Management LLC boosted its position in shares of Adobe by 54.9% in the 3rd quarter. 1900 Wealth Management LLC now owns 2,334 shares of the software company’s stock valued at $1,190,000 after purchasing an additional 827 shares during the period. Founders Financial Securities LLC boosted its position in shares of Adobe by 42.0% in the 3rd quarter. Founders Financial Securities LLC now owns 1,706 shares of the software company’s stock valued at $870,000 after purchasing an additional 505 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management acquired a new stake in shares of Adobe in the 3rd quarter valued at about $204,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADBE. Wells Fargo & Company decreased their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, Mizuho reaffirmed a “buy” rating and set a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Trading Up 0.4 %

Shares of NASDAQ:ADBE opened at $466.89 on Tuesday. The company has a market cap of $209.17 billion, a P/E ratio of 44.64, a P/E/G ratio of 2.52 and a beta of 1.28. The stock’s 50-day moving average is $524.19 and its 200-day moving average is $566.33. 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.

Adobe (NASDAQ:ADBE) last released 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. 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%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $2.97 earnings per share. Equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on 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 completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe 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.