Golden State Equity Partners Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Golden State Equity Partners boosted its position in Adobe Inc. (NASDAQ:ADBE) by 2.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 945 shares of the software company’s stock after buying an additional 26 shares during the period. Golden State Equity Partners’ holdings in Adobe were worth $564,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sonen Capital LLC acquired a new stake in Adobe in the fourth quarter valued at $209,000. Kovack Advisors Inc. lifted its holdings in Adobe by 6.7% in the fourth quarter. Kovack Advisors Inc. now owns 3,913 shares of the software company’s stock valued at $2,334,000 after acquiring an additional 246 shares during the period. K.J. Harrison & Partners Inc acquired a new stake in Adobe in the fourth quarter valued at $2,077,000. Chapman Investment Management LLC lifted its holdings in Adobe by 0.5% in the fourth quarter. Chapman Investment Management LLC now owns 6,480 shares of the software company’s stock valued at $3,866,000 after acquiring an additional 35 shares during the period. Finally, Bryn Mawr Capital Management LLC lifted its holdings in Adobe by 83.9% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 7,611 shares of the software company’s stock valued at $4,541,000 after acquiring an additional 3,472 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE traded up $4.12 during trading on Friday, reaching $477.56. 2,460,261 shares of the stock were exchanged, compared to its average volume of 2,815,745. 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 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market cap of $213.95 billion, a price-to-earnings ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The firm’s 50-day moving average price is $515.34 and its 200 day moving average price is $564.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share buyback 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 often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have commented on ADBE shares. Barclays reduced their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research note on Thursday, January 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Stifel Nicolaus cut their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’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 value of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’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 value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, 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. Insiders sold a total of 293 shares of company stock worth $137,656 in the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Company 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.