Naviter Wealth LLC Acquires 996 Shares of Adobe Inc. (NASDAQ:ADBE)

Naviter Wealth LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 39.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,502 shares of the software company’s stock after buying an additional 996 shares during the quarter. Naviter Wealth LLC’s holdings in Adobe were worth $2,089,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Global Wealth Strategies & Associates grew its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the period. Atlantic Union Bankshares Corp grew its holdings in shares of Adobe by 2.6% in the third quarter. Atlantic Union Bankshares Corp now owns 11,976 shares of the software company’s stock worth $6,107,000 after acquiring an additional 307 shares during the period. Sumitomo Life Insurance Co. lifted its holdings in Adobe by 1.9% in the third quarter. Sumitomo Life Insurance Co. now owns 11,790 shares of the software company’s stock valued at $6,012,000 after acquiring an additional 218 shares during the period. PDS Planning Inc boosted its position in Adobe by 3.6% in the third quarter. PDS Planning Inc now owns 2,944 shares of the software company’s stock worth $1,501,000 after purchasing an additional 101 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Adobe by 3.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock valued at $76,979,000 after purchasing an additional 5,248 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.4 %

ADBE traded down $1.86 on Monday, hitting $475.70. The company had a trading volume of 1,064,577 shares, compared to its average volume of 3,467,384. The company has a market cap of $213.11 billion, a PE ratio of 45.74, a PEG ratio of 2.59 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s fifty day simple moving average is $515.34 and its 200 day simple moving average is $564.66. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) 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 company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 EPS. Adobe’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $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 business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock worth $137,656 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, UBS Group reduced their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.