Terra Nova Asset Management LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Terra Nova Asset Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,906 shares of the software company’s stock after buying an additional 60 shares during the period. Terra Nova Asset Management LLC’s holdings in Adobe were worth $1,734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new stake in Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates boosted its holdings in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new position in shares of Adobe during the 4th quarter worth approximately $29,000. Finally, Halpern Financial Inc. boosted its holdings in shares of Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock valued at $5,340,250 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 0.0 %

Shares of Adobe stock opened at $504.60 on Friday. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market cap of $228.36 billion, a PE ratio of 48.24, a P/E/G ratio of 2.75 and a beta of 1.29. The stock has a fifty day moving average price of $571.55 and a 200-day moving average price of $571.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.57 EPS for the current year.

Adobe declared that its board has authorized a share repurchase 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 reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

ADBE has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price target 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. Mizuho reiterated a “buy” rating and set a $680.00 target price on shares of Adobe in a research note on Wednesday. Wells Fargo & Company decreased their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Robert W. Baird reduced their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday. Two equities research 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. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.