Commonwealth Equity Services LLC Has $91.37 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Commonwealth Equity Services LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 153,145 shares of the software company’s stock after purchasing an additional 2,176 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Adobe were worth $91,366,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of ADBE. Raymond James Financial Services Advisors Inc. lifted its position in shares of Adobe by 5.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 116,382 shares of the software company’s stock valued at $59,343,000 after acquiring an additional 6,270 shares during the period. Hanson & Doremus Investment Management grew its stake in shares of Adobe by 18.2% in the 3rd quarter. Hanson & Doremus Investment Management now owns 130 shares of the software company’s stock valued at $66,000 after buying an additional 20 shares during the period. Pinnacle West Asset Management Inc. increased its position in Adobe by 8.3% in the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock valued at $602,000 after buying an additional 90 shares in the last quarter. Legacy Financial Group LLC acquired a new position in Adobe during the 3rd quarter worth approximately $119,000. Finally, Channel Wealth LLC bought a new position in Adobe in the third quarter worth approximately $271,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE stock traded up $9.61 on Friday, hitting $486.18. 2,832,702 shares of the stock were exchanged, compared to its average volume of 3,457,650. The firm’s 50 day moving average is $509.68 and its two-hundred day moving average is $562.19. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market capitalization of $217.81 billion, a PE ratio of 46.48, a P/E/G ratio of 2.54 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:ADBE) last issued 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. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business earned $2.97 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, 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 transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were 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 of the company’s stock, valued at $15,829,839. 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 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on ADBE shares. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Wells Fargo & Company decreased their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. TD Cowen dropped their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Finally, Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.