Chase Investment Counsel Corp Takes $654,000 Position in Adobe Inc. (NASDAQ:ADBE)

Chase Investment Counsel Corp purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 1,097 shares of the software company’s stock, valued at approximately $654,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Concentrum Wealth Management lifted its holdings in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Adobe during the fourth quarter valued at $875,592,000. Invesco Ltd. lifted its position in shares of 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 buying an additional 889,607 shares during the last quarter. Jennison Associates LLC grew its position in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC bought a new position in Adobe in the third quarter worth about $152,970,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ADBE shares. JPMorgan Chase & Co. cut their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Barclays reduced their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus cut their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Performance

Adobe stock traded down $0.38 during mid-day trading on Monday, reaching $477.18. The company had a trading volume of 872,202 shares, compared to its average volume of 3,465,652. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $515.34 and a 200-day moving average of $564.66. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The firm has a market cap of $213.78 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.97 EPS. On average, sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has initiated a share 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 repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 96 shares of the 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 in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly 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 can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe 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 approximately $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by insiders.

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.