Prosperity Wealth Management Inc. Takes Position in Adobe Inc. (NASDAQ:ADBE)

Prosperity Wealth Management Inc. purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 630 shares of the software company’s stock, valued at approximately $376,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC purchased a new stake in Adobe during the fourth quarter valued at $29,000. Finally, Fortis Capital Advisors LLC bought a new position in Adobe in the fourth quarter valued at about $35,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies cut their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Bank of America lowered their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, DA Davidson restated a “buy” rating and issued a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. Two investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $1.32 during midday trading on Wednesday, reaching $474.90. 848,477 shares of the stock traded hands, compared to its average volume of 3,575,232. The company’s 50 day moving average is $536.02 and its 200 day moving average is $567.62. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $212.76 billion, a PE ratio of 45.35, a P/E/G ratio of 2.55 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $2.97 earnings per share. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by insiders.

Adobe Company Profile

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.