Cutter & CO Brokerage Inc. Has $341,000 Position in Adobe Inc. (NASDAQ:ADBE)

Cutter & CO Brokerage Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 17.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 571 shares of the software company’s stock after purchasing an additional 85 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Adobe were worth $341,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Rockland Trust Co. increased its stake in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its stake in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC acquired a new position in shares of Adobe in the third quarter worth $4,141,000. Finally, Guinness Asset Management LTD increased its stake in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of ADBE traded up $4.91 during mid-day trading on Wednesday, hitting $477.81. 1,104,706 shares of the company traded hands, compared to its average volume of 3,510,446. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a market capitalization of $214.06 billion, a price-to-earnings ratio of 45.37, a PEG ratio of 2.53 and a beta of 1.28. 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 business has a 50-day moving average of $521.61 and a 200 day moving average of $565.95.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Mizuho reiterated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on 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 of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 984 shares of company stock valued at $577,171. 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.