Patrick M Sweeney & Associates Inc. Purchases Shares of 355 Adobe Inc. (NASDAQ:ADBE)

Patrick M Sweeney & Associates Inc. acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 355 shares of the software company’s stock, valued at approximately $212,000.

Several other hedge funds have also recently made changes to their positions in ADBE. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the 4th quarter worth about $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe in the 3rd quarter worth about $39,000. Hanseatic Management Services Inc. purchased a new position in Adobe during the 3rd quarter valued at about $45,000. Finally, First Command Advisory Services Inc. bought a new stake in Adobe during the third quarter worth about $52,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE traded down $1.32 during midday trading on Tuesday, reaching $492.27. The company had a trading volume of 2,517,845 shares, compared to its average volume of 3,431,529. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $220.54 billion, a P/E ratio of 47.06, a P/E/G ratio of 2.63 and a beta of 1.28. The business has a 50-day moving average of $505.80 and a two-hundred day moving average of $561.00.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.97 EPS. As a group, equities research 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 initiated a stock buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Bank of America cut their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research report on Thursday, January 18th. Finally, TD Cowen decreased their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

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.