Barlow Wealth Partners Inc. Takes Position in Adobe Inc. (NASDAQ:ADBE)

Barlow Wealth Partners Inc. purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 27,992 shares of the software company’s stock, valued at approximately $16,700,000. Adobe makes up about 2.4% of Barlow Wealth Partners Inc.’s investment portfolio, making the stock its 12th biggest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HBC Financial Services PLLC purchased a new position in Adobe in the third quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the fourth quarter worth about $35,000. BluePath Capital Management LLC purchased a new position in Adobe during the 3rd quarter valued at approximately $39,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe in the third quarter valued at $45,000. Finally, First Command Advisory Services Inc. bought a new position in Adobe during the third quarter valued at $52,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Stock Down 0.8 %

Shares of NASDAQ ADBE traded down $4.17 during mid-day trading on Wednesday, reaching $488.10. 2,164,549 shares of the company traded hands, compared to its average volume of 3,417,364. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s fifty day moving average is $505.80 and its two-hundred day moving average is $561.00. The stock has a market cap of $218.67 billion, a PE ratio of 47.31, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week 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 the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.97 EPS. On average, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has authorized a stock 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 buy up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Finally, UBS Group decreased their price target on Adobe from $600.00 to $540.00 and set a “neutral” 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 issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Company 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.