Congress Wealth Management LLC DE Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Congress Wealth Management LLC DE boosted its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,827 shares of the software company’s stock after buying an additional 1,839 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Adobe were worth $21,375,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Hoylecohen LLC increased its position in shares of Adobe by 8.2% during the 4th quarter. Hoylecohen LLC now owns 1,842 shares of the software company’s stock valued at $1,099,000 after purchasing an additional 140 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in shares of Adobe by 3.4% during the 4th quarter. Orion Portfolio Solutions LLC now owns 45,935 shares of the software company’s stock valued at $26,667,000 after purchasing an additional 1,502 shares during the last quarter. Cypress Asset Management Inc. TX purchased a new stake in shares of Adobe during the 4th quarter valued at about $4,456,000. BayBridge Capital Group LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $914,000. Finally, SageView Advisory Group LLC increased its position in shares of Adobe by 57.0% during the 4th quarter. SageView Advisory Group LLC now owns 6,409 shares of the software company’s stock valued at $4,024,000 after purchasing an additional 2,328 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Two 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Read Our Latest Research Report on Adobe

Adobe Trading Down 1.6 %

NASDAQ:ADBE traded down $7.88 during midday trading on Friday, hitting $475.43. 3,083,719 shares of the company traded hands, compared to its average volume of 3,319,054. The firm’s fifty day moving average is $487.14 and its 200-day moving average is $556.32. Adobe Inc. has a 12-month low of $374.09 and a 12-month high of $638.25. The firm has a market capitalization of $212.99 billion, a P/E ratio of 45.63, a P/E/G ratio of 2.62 and a beta of 1.28. 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:ADBEGet Free Report) 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. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

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

Insiders Place Their Bets

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

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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