Bogart Wealth LLC Acquires 412 Shares of Adobe Inc. (NASDAQ:ADBE)

Bogart Wealth LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,878 shares of the software company’s stock after purchasing an additional 412 shares during the quarter. Bogart Wealth LLC’s holdings in Adobe were worth $5,893,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. HBC Financial Services PLLC purchased a new position in shares of Adobe in the third quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new stake in Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC purchased a new stake in Adobe in the 3rd quarter worth $39,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe during the 3rd quarter valued at about $45,000. Finally, First Command Advisory Services Inc. purchased a new position in shares of Adobe during the third quarter valued at about $52,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the 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 directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, 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. Over the last ninety days, insiders sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.5 %

NASDAQ:ADBE traded down $2.39 during trading hours on Thursday, reaching $485.71. The company’s stock had a trading volume of 317,310 shares, compared to its average volume of 3,382,359. The stock has a 50 day moving average price of $505.80 and a two-hundred day moving average price of $561.00. 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 has a market capitalization of $217.60 billion, a P/E ratio of 46.67, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

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

Adobe announced that its board has approved a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Bank of America decreased their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. cut their target price on Adobe from $600.00 to $570.00 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 given a buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.