1,083 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Ninepoint Partners LP

Ninepoint Partners LP acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,083 shares of the software company’s stock, valued at approximately $646,000.

Other large investors have also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe in the third quarter valued at approximately $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates boosted its stake in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC acquired a new stake in Adobe during the 4th quarter worth approximately $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe in the fourth quarter worth $35,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,191 shares of the company’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 sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction 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 of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Down 1.2 %

Shares of NASDAQ ADBE traded down $5.62 during mid-day trading on Friday, hitting $467.56. The stock had a trading volume of 1,156,239 shares, compared to its average volume of 3,543,766. The firm has a market cap of $209.47 billion, a P/E ratio of 45.02, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The business has a 50 day moving average price of $530.33 and a two-hundred day moving average price of $566.32. 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 1 year low of $331.89 and a 1 year high of $638.25.

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 the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.97 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Adobe Company 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.