Overbrook Management Corp Buys 12,441 Shares of Adobe Inc. (NASDAQ:ADBE)

Overbrook Management Corp lifted its position in Adobe Inc. (NASDAQ:ADBE) by 2,073.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 13,041 shares of the software company’s stock after purchasing an additional 12,441 shares during the period. Adobe comprises approximately 1.8% of Overbrook Management Corp’s portfolio, making the stock its 22nd biggest holding. Overbrook Management Corp’s holdings in Adobe were worth $6,580,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ADBE. Chesley Taft & Associates LLC raised its stake in shares of Adobe by 9.5% during the first quarter. Chesley Taft & Associates LLC now owns 37,944 shares of the software company’s stock valued at $19,147,000 after acquiring an additional 3,306 shares during the last quarter. Scharf Investments LLC lifted its holdings in Adobe by 4.4% in the 1st quarter. Scharf Investments LLC now owns 4,441 shares of the software company’s stock worth $2,241,000 after buying an additional 187 shares during the period. ERn Financial LLC increased its stake in shares of Adobe by 2.6% during the first quarter. ERn Financial LLC now owns 1,635 shares of the software company’s stock valued at $825,000 after buying an additional 41 shares during the period. Franklin Street Advisors Inc. NC increased its stake in shares of Adobe by 12.9% during the first quarter. Franklin Street Advisors Inc. NC now owns 35,342 shares of the software company’s stock valued at $17,834,000 after buying an additional 4,028 shares during the period. Finally, Cumberland Advisors Inc. lifted its stake in Adobe by 2.4% in the first quarter. Cumberland Advisors Inc. now owns 4,910 shares of the software company’s stock worth $2,478,000 after acquiring an additional 115 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 3.4 %

NASDAQ:ADBE traded up $18.10 during mid-day trading on Thursday, reaching $546.76. The company’s stock had a trading volume of 4,733,061 shares, compared to its average volume of 3,578,013. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $244.95 billion, a PE ratio of 49.00, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27. The stock has a fifty day moving average of $481.75 and a 200-day moving average of $535.99. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company posted $3.04 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were 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 approximately $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,270 shares of company stock worth $1,563,166. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Sanford C. Bernstein boosted their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $607.67.

About Adobe

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.