Kestra Private Wealth Services LLC Purchases 3,781 Shares of Adobe Inc. (NASDAQ:ADBE)

Kestra Private Wealth Services LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 36.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,238 shares of the software company’s stock after acquiring an additional 3,781 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Adobe were worth $8,494,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Concentrum Wealth Management lifted its holdings 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 during the period. International Assets Investment Management LLC bought a new position in Adobe in the fourth quarter valued at about $875,592,000. Invesco Ltd. boosted its position in Adobe by 25.1% in 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 during the last quarter. Jennison Associates LLC grew its position in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC bought a new stake in shares of Adobe during the 3rd quarter valued at $152,970,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.7 %

Adobe stock traded down $3.18 during midday trading on Tuesday, hitting $469.89. 697,124 shares of the company’s stock were exchanged, compared to its average volume of 3,457,048. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $210.51 billion, a PE ratio of 44.98, a P/E/G ratio of 2.59 and a beta of 1.28. The firm has a 50-day moving average of $513.87 and a two-hundred day moving average of $564.05. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 earnings per share. Adobe’s revenue was up 11.3% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on 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 approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated 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 $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred 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 sale, the insider now owns 33,609 shares of the company’s stock, 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. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Barclays dropped their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. TD Cowen dropped their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. 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 data from MarketBeat.com, the company presently has a consensus 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.