Mather Group LLC. Buys 1,238 Shares of Adobe Inc. (NASDAQ:ADBE)

Mather Group LLC. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 17.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,210 shares of the software company’s stock after purchasing an additional 1,238 shares during the quarter. Mather Group LLC.’s holdings in Adobe were worth $4,898,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. HBC Financial Services PLLC bought a new stake in shares of Adobe during the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the fourth quarter worth $35,000. BluePath Capital Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $39,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the 3rd quarter worth $45,000. Finally, Hoey Investments Inc. lifted its position in shares of Adobe by 526.7% during the 3rd quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock worth $48,000 after buying an additional 79 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Stifel Nicolaus lowered their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Piper Sandler Companies lowered their price target 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. Oppenheimer reissued an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Down 0.9 %

NASDAQ ADBE opened at $473.07 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The business has a 50 day moving average price of $513.87 and a 200-day moving average price of $564.05. The company has a market cap of $211.94 billion, a price-to-earnings ratio of 45.23, a P/E/G ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated 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 directly 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 Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 transaction, 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 quarter, insiders sold 293 shares of company stock worth $137,656. 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.