Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Choreo LLC

Choreo LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 237.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 4,234 shares of the software company’s stock after purchasing an additional 2,980 shares during the quarter. Choreo LLC’s holdings in Adobe were worth $2,526,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC purchased a new position in Adobe in the 3rd quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the 4th quarter valued at $35,000. BluePath Capital Management LLC purchased a new position in Adobe in the 3rd quarter valued at $39,000. Hanseatic Management Services Inc. purchased a new position in Adobe in the 3rd quarter valued at $45,000. Finally, Hoey Investments Inc. raised its holdings in shares of Adobe by 526.7% during the 3rd quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock worth $48,000 after acquiring an additional 79 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on 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 owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $473.07 on Tuesday. 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 Inc. has a one year low of $331.89 and a one year high of $638.25. The business has a 50-day simple moving average of $513.87 and a 200-day simple moving average of $564.05. The company has a market cap of $211.94 billion, a PE ratio of 45.23, a P/E/G ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. Wells Fargo & Company reduced their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Finally, Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

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.