BlackDiamond Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

BlackDiamond Wealth Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 621 shares of the software company’s stock after buying an additional 21 shares during the quarter. BlackDiamond Wealth Management LLC’s holdings in Adobe were worth $392,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Barlow Wealth Partners Inc. purchased a new stake in shares of Adobe during the fourth quarter worth approximately $16,700,000. Federated Hermes Inc. increased its stake in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its stake in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new position in Adobe in the third quarter valued at approximately $4,141,000. Finally, Vise Technologies Inc. increased its stake in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock traded down $0.74 during mid-day trading on Thursday, reaching $483.19. The stock had a trading volume of 1,101,645 shares, compared to its average volume of 3,309,775. Adobe Inc. has a 12-month low of $361.72 and a 12-month high of $638.25. The company has a market cap of $216.47 billion, a P/E ratio of 46.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28. The business has a 50-day simple moving average of $488.89 and a 200 day simple moving average of $556.83. 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 announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share repurchase 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 purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on ADBE shares. Robert W. Baird dropped their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Finally, Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe 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.