Kovack Advisors Inc. Acquires 246 Shares of Adobe Inc. (NASDAQ:ADBE)

Kovack Advisors Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,913 shares of the software company’s stock after purchasing an additional 246 shares during the quarter. Kovack Advisors Inc.’s holdings in Adobe were worth $2,334,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Secure Asset Management LLC increased its position in Adobe by 4.1% during the 3rd quarter. Secure Asset Management LLC now owns 529 shares of the software company’s stock valued at $270,000 after buying an additional 21 shares in the last quarter. Oak Thistle LLC bought a new stake in shares of Adobe in the 3rd quarter worth $472,000. Warren Street Wealth Advisors LLC bought a new stake in shares of Adobe in the 3rd quarter worth $235,000. Blue Fin Capital Inc. increased its holdings in shares of Adobe by 1.5% in the 3rd quarter. Blue Fin Capital Inc. now owns 8,303 shares of the software company’s stock worth $4,234,000 after purchasing an additional 124 shares in the last quarter. Finally, Aaron Wealth Advisors LLC increased its holdings in shares of Adobe by 1.3% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,435 shares of the software company’s stock worth $732,000 after purchasing an additional 19 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of Adobe stock traded up $4.12 during trading hours on Friday, hitting $477.56. The company’s stock had a trading volume of 2,460,117 shares, compared to its average volume of 3,498,041. The business has a 50 day moving average price of $515.34 and a two-hundred day moving average price of $564.33. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a market cap of $213.95 billion, a PE ratio of 45.66, a PEG ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

Adobe announced that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly 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 available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293 shares of company stock worth $137,656. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on ADBE shares. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. KeyCorp assumed coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

About Adobe

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.