Adell Harriman & Carpenter Inc. Acquires 390 Shares of Adobe Inc. (NASDAQ:ADBE)

Adell Harriman & Carpenter Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 8,810 shares of the software company’s stock after acquiring an additional 390 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Adobe were worth $5,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Concentrum Wealth Management lifted its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Adobe in the fourth quarter worth about $875,592,000. Invesco Ltd. grew its position in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Jennison Associates LLC raised 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 during the period. Finally, Alkeon Capital Management LLC purchased a new position in Adobe in the 3rd quarter worth approximately $152,970,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe 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 completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.9 %

Shares of NASDAQ ADBE traded down $4.49 during trading hours on Monday, reaching $473.07. The stock had a trading volume of 2,645,628 shares, compared to its average volume of 3,487,649. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The firm has a market cap of $211.94 billion, a price-to-earnings ratio of 45.74, a P/E/G ratio of 2.59 and a beta of 1.28. The business’s fifty day moving average price is $515.34 and its two-hundred day moving average price is $564.66. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

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 the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Wells Fargo & Company decreased their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two 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 stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.