Intelligence Driven Advisers LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Intelligence Driven Advisers LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 76.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,747 shares of the software company’s stock after purchasing an additional 758 shares during the period. Intelligence Driven Advisers LLC’s holdings in Adobe were worth $1,079,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Concentrum Wealth Management boosted its position in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the last quarter. Natixis Advisors L.P. boosted its position in Adobe by 3.1% in the fourth quarter. Natixis Advisors L.P. now owns 389,506 shares of the software company’s stock worth $232,379,000 after purchasing an additional 11,627 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Adobe by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 153,145 shares of the software company’s stock worth $91,366,000 after purchasing an additional 2,176 shares during the last quarter. Summit Asset Management LLC purchased a new position in Adobe in the fourth quarter worth about $231,000. Finally, Ashburton Jersey Ltd boosted its position in Adobe by 6.2% in the fourth quarter. Ashburton Jersey Ltd now owns 6,530 shares of the software company’s stock worth $3,896,000 after purchasing an additional 379 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. UBS Group lowered their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies lowered their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of ADBE traded up $5.72 during mid-day trading on Thursday, hitting $475.11. 1,270,172 shares of the stock were exchanged, compared to its average volume of 3,449,618. The company has a market cap of $212.85 billion, a PE ratio of 45.17, a price-to-earnings-growth ratio of 2.51 and a beta of 1.28. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The firm has a 50-day moving average of $510.90 and a two-hundred day moving average of $562.78. 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 released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company 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 firm posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has approved a stock 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 buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s 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 transaction, the chief accounting officer now 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Company insiders own 0.15% of the company’s stock.

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.