Advocate Group LLC Acquires 180 Shares of Adobe Inc. (NASDAQ:ADBE)

Advocate Group LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,198 shares of the software company’s stock after acquiring an additional 180 shares during the period. Adobe makes up approximately 1.4% of Advocate Group LLC’s investment portfolio, making the stock its 24th largest holding. Advocate Group LLC’s holdings in Adobe were worth $6,681,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rockland Trust Co. raised its stake in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the period. Team Hewins LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at about $4,141,000. Guinness Asset Management LTD increased its position in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after acquiring an additional 2,499 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position in shares of Adobe by 23.9% in the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after acquiring an additional 1,732 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its position in shares of Adobe by 36.7% in the third quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock valued at $3,544,000 after acquiring an additional 1,871 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE traded up $0.20 during trading on Friday, hitting $504.60. 3,897,003 shares of the stock traded hands, compared to its average volume of 4,897,709. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a market cap of $228.36 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The business has a 50 day moving average price of $569.77 and a 200 day moving average price of $570.64.

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, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during 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 company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Wednesday. 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. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research report on Wednesday. Finally, KGI Securities raised Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 target price on the stock in a research report on Monday, December 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Transactions at Adobe

In other news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider David Wadhwani sold 6,099 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,162 shares of company stock worth $5,340,250. Corporate 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.