Certuity LLC Has $2.19 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Certuity LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 56.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,673 shares of the software company’s stock after purchasing an additional 1,321 shares during the quarter. Certuity LLC’s holdings in Adobe were worth $2,191,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Penobscot Investment Management Company Inc. boosted its holdings in Adobe by 11.9% during the fourth quarter. Penobscot Investment Management Company Inc. now owns 13,994 shares of the software company’s stock worth $8,349,000 after purchasing an additional 1,493 shares during the last quarter. Cozad Asset Management Inc. raised its stake in Adobe by 10.8% in the 4th quarter. Cozad Asset Management Inc. now owns 1,133 shares of the software company’s stock valued at $676,000 after acquiring an additional 110 shares during the period. Duff & Phelps Investment Management Co. boosted its position in Adobe by 0.6% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 5,067 shares of the software company’s stock worth $3,023,000 after purchasing an additional 30 shares during the period. Field & Main Bank boosted its holdings in Adobe by 0.8% in the 4th quarter. Field & Main Bank now owns 3,946 shares of the software company’s stock worth $2,354,000 after buying an additional 30 shares during the period. Finally, Kestra Private Wealth Services LLC grew its stake in Adobe by 36.2% in the 4th quarter. Kestra Private Wealth Services LLC now owns 14,238 shares of the software company’s stock valued at $8,494,000 after buying an additional 3,781 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred 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 directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293 shares of company stock valued at $137,656. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Mizuho reissued a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two investment 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Down 1.4 %

Shares of NASDAQ ADBE traded down $6.65 during midday trading on Tuesday, hitting $466.42. 1,278,764 shares of the company traded hands, compared to its average volume of 3,463,994. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market cap of $208.96 billion, a P/E ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28. The stock has a 50-day moving average price of $513.87 and a 200 day moving average price of $564.05. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

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

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.