United Asset Strategies Inc. Has $17.91 Million Stake in Adobe Inc. (NASDAQ:ADBE)

United Asset Strategies Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,025 shares of the software company’s stock after selling 605 shares during the quarter. Adobe comprises 2.0% of United Asset Strategies Inc.’s investment portfolio, making the stock its 8th largest position. United Asset Strategies Inc.’s holdings in Adobe were worth $17,913,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Adobe during the 4th quarter valued at about $1,757,029,000. Moneta Group Investment Advisors LLC increased its stake in Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Concentrum Wealth Management increased its stake in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. Morgan Stanley increased its stake in Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after purchasing an additional 1,471,861 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Adobe in the 4th quarter worth approximately $875,592,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. BMO Capital Markets reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TD Cowen reduced their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler reissued an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was 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 $14,144,998.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 788 shares of the 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 $2,495,528.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $6.74 during midday trading on Tuesday, reaching $476.84. 1,055,961 shares of the company’s stock traded hands, compared to its average volume of 3,590,277. The company has a market cap of $213.62 billion, a price-to-earnings ratio of 45.19, 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 quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The stock has a 50 day moving average of $538.63 and a 200 day moving average of $567.86.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock 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 purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership 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.