Overbrook Management Corp Has $358,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Overbrook Management Corp grew its stake in Adobe Inc. (NASDAQ:ADBE) by 50.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 600 shares of the software company’s stock after acquiring an additional 200 shares during the period. Overbrook Management Corp’s holdings in Adobe were worth $358,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Motley Fool Asset Management LLC grew its holdings in shares of Adobe by 4.2% in the 4th quarter. Motley Fool Asset Management LLC now owns 13,858 shares of the software company’s stock valued at $8,268,000 after acquiring an additional 555 shares in the last quarter. Evolution Advisers Inc. grew its holdings in shares of Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after acquiring an additional 17 shares in the last quarter. Wisconsin Capital Management LLC grew its holdings in shares of Adobe by 1.5% in the 4th quarter. Wisconsin Capital Management LLC now owns 10,309 shares of the software company’s stock valued at $6,150,000 after acquiring an additional 150 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its holdings in shares of Adobe by 1.2% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 622,423 shares of the software company’s stock valued at $371,338,000 after acquiring an additional 7,661 shares in the last quarter. Finally, Abbrea Capital LLC grew its holdings in shares of Adobe by 1.5% in the 4th quarter. Abbrea Capital LLC now owns 4,516 shares of the software company’s stock valued at $2,694,000 after acquiring an additional 67 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ADBE. Robert W. Baird decreased their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Barclays reduced their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. reduced their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently 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 business’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 transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was 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 in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock worth $137,656 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.9 %

NASDAQ ADBE opened at $477.56 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a 50 day moving average of $515.34 and a 200-day moving average of $564.33. The company has a market cap of $213.95 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 the consensus estimate of $5.14 billion. During the same period in the previous year, the business earned $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board 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.