Guyasuta Investment Advisors Inc. Buys 30 Shares of Adobe Inc. (NASDAQ:ADBE)

Guyasuta Investment Advisors Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 466 shares of the software company’s stock after acquiring an additional 30 shares during the quarter. Guyasuta Investment Advisors Inc.’s holdings in Adobe were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Concentrum Wealth Management boosted its position in shares of Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC bought a new position in Adobe during the fourth quarter valued at $875,592,000. Invesco Ltd. lifted its position in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares during the last quarter. Jennison Associates LLC lifted its position in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC bought a new position in Adobe during the third quarter valued at $152,970,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $473.07 on Tuesday. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. 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 firm has a market capitalization of $211.94 billion, a PE ratio of 45.23, a P/E/G ratio of 2.59 and a beta of 1.28. The firm has a 50 day moving average of $513.87 and a two-hundred day moving average of $564.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research note on Thursday, January 18th. Finally, TD Cowen reduced their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293 shares of company stock valued at $137,656. 0.15% of the stock is 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.