Blue Fin Capital Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Blue Fin Capital Inc. grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,659 shares of the software company’s stock after purchasing an additional 356 shares during the quarter. Adobe makes up approximately 1.3% of Blue Fin Capital Inc.’s portfolio, making the stock its 16th biggest position. Blue Fin Capital Inc.’s holdings in Adobe were worth $5,166,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Morgan Stanley grew its stake in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Northern Trust Corp increased its stake in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after buying an additional 202,136 shares during the period. Jennison Associates LLC raised its holdings in shares of 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 acquiring an additional 498,957 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Invesco Ltd. boosted its holdings in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. decreased their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Barclays dropped their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Robert W. Baird cut their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two 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 company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were 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 owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last quarter. 0.15% of the stock is owned by insiders.

Adobe Trading Up 2.0 %

Shares of ADBE traded up $9.61 during midday trading on Friday, hitting $486.18. The stock had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. The stock’s 50 day moving average is $508.34 and its 200 day moving average is $561.74. The firm has a market cap of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

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

Adobe declared that its Board of Directors 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.