Avaii Wealth Management LLC Buys 252 Shares of Adobe Inc. (NASDAQ:ADBE)

Avaii Wealth Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 33.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,002 shares of the software company’s stock after acquiring an additional 252 shares during the period. Avaii Wealth Management LLC’s holdings in Adobe were worth $598,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ADBE. Choreo LLC increased its position in shares of Adobe by 237.6% during the 4th quarter. Choreo LLC now owns 4,234 shares of the software company’s stock valued at $2,526,000 after purchasing an additional 2,980 shares during the last quarter. Mather Group LLC. increased its position in shares of Adobe by 17.8% during the 4th quarter. Mather Group LLC. now owns 8,210 shares of the software company’s stock valued at $4,898,000 after purchasing an additional 1,238 shares during the last quarter. Eagle Wealth Strategies LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $422,000. Silver Oak Securities Incorporated increased its position in shares of Adobe by 208.2% during the 4th quarter. Silver Oak Securities Incorporated now owns 1,920 shares of the software company’s stock valued at $1,145,000 after purchasing an additional 1,297 shares during the last quarter. Finally, Fiduciary Group LLC increased its holdings in Adobe by 107.7% in the 4th quarter. Fiduciary Group LLC now owns 1,504 shares of the software company’s stock worth $897,000 after acquiring an additional 780 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ADBE. Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling

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 value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.1 %

ADBE stock traded down $0.48 during midday trading on Monday, hitting $477.08. The company had a trading volume of 807,244 shares, compared to its average volume of 3,464,460. 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 Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock’s 50 day moving average price is $515.34 and its 200 day moving average price is $564.66. The stock has a market cap of $213.73 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its 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. 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 analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm earned $2.97 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.