Oliver Lagore Vanvalin Investment Group Purchases 619 Shares of Adobe Inc. (NASDAQ:ADBE)

Oliver Lagore Vanvalin Investment Group increased its position in Adobe Inc. (NASDAQ:ADBE) by 52.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,809 shares of the software company’s stock after buying an additional 619 shares during the quarter. Oliver Lagore Vanvalin Investment Group’s holdings in Adobe were worth $1,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ADBE. State Street Corp boosted its stake in shares of Adobe by 1.5% in the 1st quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after purchasing an additional 269,173 shares during the last quarter. Morgan Stanley raised its position in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the period. Northern Trust Corp lifted its holdings in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Norges Bank acquired a new stake in Adobe in the 4th quarter valued at $1,757,029,000. Finally, Jennison Associates LLC increased its stake in Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $0.03 on Thursday, reaching $474.42. 1,231,255 shares of the company’s stock traded hands, compared to its average volume of 3,560,092. The stock has a market cap of $212.54 billion, a PE ratio of 45.55, a P/E/G ratio of 2.58 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 12 month low of $331.89 and a 12 month high of $638.25. The stock has a 50-day simple moving average of $533.19 and a 200 day simple moving average of $566.97.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company earned $2.97 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. As a group, research 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 buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

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 transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were 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 directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of Adobe 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 completion of the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock valued at $1,848,418 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Mizuho reaffirmed a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.