Bison Wealth LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Bison Wealth LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,259 shares of the software company’s stock after buying an additional 84 shares during the quarter. Bison Wealth LLC’s holdings in Adobe were worth $751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new stake in Adobe during the fourth quarter worth about $1,757,029,000. Moneta Group Investment Advisors LLC boosted its stake in Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after acquiring an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management boosted its stake in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. Morgan Stanley boosted its stake in Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Adobe during the fourth quarter worth about $875,592,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Barclays dropped their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson reiterated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,400,519.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 84 shares of the firm’s 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 completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $470.10 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a fifty day moving average price of $538.63 and a 200 day moving average price of $567.86. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a market cap of $210.60 billion, a price-to-earnings ratio of 44.94, a P/E/G ratio of 2.57 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.