Brave Asset Management Inc. Acquires 28 Shares of Adobe Inc. (NASDAQ:ADBE)

Brave Asset Management Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,099 shares of the software company’s stock after acquiring an additional 28 shares during the quarter. Adobe makes up about 0.4% of Brave Asset Management Inc.’s investment portfolio, making the stock its 29th biggest position. Brave Asset Management Inc.’s holdings in Adobe were worth $1,252,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the third quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe in the third quarter worth about $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the fourth quarter worth about $29,000. Finally, Halpern Financial Inc. increased its holdings in shares of Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. Citigroup lifted their target price on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a report on Tuesday, December 12th. HSBC reduced their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research note on Thursday, January 18th. Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler Companies reduced their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Up 0.0 %

Shares of NASDAQ ADBE traded up $0.20 during trading hours on Thursday, reaching $504.60. The stock had a trading volume of 3,896,406 shares, compared to its average volume of 3,681,417. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The firm has a market cap of $228.36 billion, a price-to-earnings ratio of 48.27, a P/E/G ratio of 2.75 and a beta of 1.29. The business’s fifty day moving average price is $571.55 and its two-hundred day moving average price is $571.10. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. Analysts expect that Adobe Inc. will post 14.57 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock worth $5,340,250 over the last 90 days. Company 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.