Syon Capital LLC Buys 977 Shares of Adobe Inc. (NASDAQ:ADBE)

Syon Capital LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 27.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,572 shares of the software company’s stock after acquiring an additional 977 shares during the period. Syon Capital LLC’s holdings in Adobe were worth $2,728,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates boosted its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at $35,000. Finally, BluePath Capital Management LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $39,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. TD Cowen cut their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. 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 report on Friday, March 15th. Piper Sandler Companies cut their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 0.9 %

Adobe stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. The stock had a trading volume of 2,313,140 shares, compared to its average volume of 3,496,222. 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 Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock’s 50-day simple moving average is $516.72 and its 200-day simple moving average is $564.69. The firm has a market capitalization of $213.95 billion, a PE ratio of 46.08, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 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 analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.97 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of Adobe 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 transaction, the chief accounting officer now 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 SEC, which can be accessed through this link. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on 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 owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 over the last 90 days. 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.