Eads & Heald Wealth Management Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Eads & Heald Wealth Management lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 37.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 4,549 shares of the software company’s stock after purchasing an additional 1,241 shares during the quarter. Adobe comprises approximately 1.3% of Eads & Heald Wealth Management’s holdings, making the stock its 18th largest holding. Eads & Heald Wealth Management’s holdings in Adobe were worth $2,714,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Iron Horse Wealth Management LLC purchased a new position in Adobe in the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter worth approximately $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 acquiring an additional 19 shares during the period. Financial Freedom LLC purchased a new position in Adobe in the 4th quarter worth approximately $29,000. Finally, Fortis Capital Advisors LLC purchased a new position in Adobe in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. TD Cowen decreased their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. 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 stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity

In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,063 shares of company stock valued at $1,853,025. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE traded down $3.99 during trading hours on Monday, reaching $470.10. 3,352,074 shares of the company’s stock traded hands, compared to its average volume of 3,626,582. The firm has a market capitalization of $210.60 billion, a price-to-earnings ratio of 44.86, a P/E/G ratio of 2.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The business’s fifty day simple moving average is $541.84 and its two-hundred day simple moving average is $568.10.

Adobe (NASDAQ:ADBE) last issued 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. The company had revenue of $5.18 billion for 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 company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $2.97 earnings per share. Analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.