Adobe Inc. (NASDAQ:ADBE) Shares Acquired by MONECO Advisors LLC

MONECO Advisors LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 662.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,461 shares of the software company’s stock after buying an additional 3,876 shares during the period. MONECO Advisors LLC’s holdings in Adobe were worth $2,662,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. One Charles Private Wealth Services LLC grew its holdings in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares during the period. Invst LLC grew its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares during the period. Raleigh Capital Management Inc. grew its holdings in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC grew its holdings in shares of Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management grew its holdings in shares of Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were 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 in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 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 approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE traded down $10.24 on Tuesday, reaching $462.83. The company had a trading volume of 3,221,321 shares, compared to its average volume of 3,488,144. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market cap of $207.35 billion, a P/E ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28. The company’s fifty day moving average is $513.87 and its 200 day moving average is $564.05. 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 results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 EPS. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts predict 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 share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Bank of America cut their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. TD Cowen cut their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.