Adobe Inc. (NASDAQ:ADBE) is Private Wealth Partners LLC’s 10th Largest Position

Private Wealth Partners LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 0.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,150 shares of the software company’s stock after buying an additional 185 shares during the quarter. Adobe makes up approximately 3.1% of Private Wealth Partners LLC’s investment portfolio, making the stock its 10th largest position. Private Wealth Partners LLC’s holdings in Adobe were worth $37,079,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Secure Asset Management LLC lifted its stake in Adobe by 4.1% during the 3rd quarter. Secure Asset Management LLC now owns 529 shares of the software company’s stock worth $270,000 after acquiring an additional 21 shares in the last quarter. Oak Thistle LLC acquired a new position in Adobe during the 3rd quarter worth about $472,000. Warren Street Wealth Advisors LLC acquired a new position in Adobe during the 3rd quarter worth about $235,000. Blue Fin Capital Inc. lifted its stake in Adobe by 1.5% during the 3rd quarter. Blue Fin Capital Inc. now owns 8,303 shares of the software company’s stock worth $4,234,000 after acquiring an additional 124 shares in the last quarter. Finally, Aaron Wealth Advisors LLC lifted its stake in Adobe by 1.3% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,435 shares of the software company’s stock worth $732,000 after acquiring an additional 19 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of Adobe stock traded up $4.12 during trading on Friday, reaching $477.56. The company’s stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The business has a 50 day moving average price of $515.34 and a 200-day moving average price of $564.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the business earned $2.97 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has approved a share buyback 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 usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Stifel Nicolaus reduced their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. UBS Group reduced their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Barclays reduced their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

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.