Vima LLC Buys New Position in Adobe Inc. (NASDAQ:ADBE)

Vima LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 93 shares of the software company’s stock, valued at approximately $55,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barlow Wealth Partners Inc. acquired a new position in Adobe during the 4th quarter worth approximately $16,700,000. Federated Hermes Inc. raised its stake in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC raised its stake in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the period. Vise Technologies Inc. raised its stake in Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the period. Finally, Naviter Wealth LLC raised its stake in Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. KeyCorp upped their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Melius Research reaffirmed a “hold” rating and set a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Citigroup dropped their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Finally, Barclays increased their price objective on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $604.35.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,006 shares of company stock valued at $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $66.57 on Friday, hitting $525.31. 14,846,614 shares of the stock traded hands, compared to its average volume of 3,281,535. The business’s fifty day moving average is $474.63 and its two-hundred day moving average is $540.63. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $235.34 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 2.48 and a beta of 1.27. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 39.98% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company earned $3.04 earnings per share. Adobe’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has initiated a stock 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Adobe 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.