Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Founders Financial Securities LLC

Founders Financial Securities LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,017 shares of the software company’s stock after buying an additional 159 shares during the period. Founders Financial Securities LLC’s holdings in Adobe were worth $1,018,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fox Hill Wealth Management grew its holdings in shares of Adobe by 3.1% during the first quarter. Fox Hill Wealth Management now owns 9,124 shares of the software company’s stock valued at $4,604,000 after buying an additional 271 shares during the last quarter. Symphony Financial Ltd. Co. grew its stake in Adobe by 17.2% during the 1st quarter. Symphony Financial Ltd. Co. now owns 5,204 shares of the software company’s stock valued at $2,616,000 after purchasing an additional 764 shares during the last quarter. Vicus Capital grew its stake in Adobe by 69.8% during the 1st quarter. Vicus Capital now owns 1,241 shares of the software company’s stock valued at $626,000 after purchasing an additional 510 shares during the last quarter. Romano Brothers AND Company increased its holdings in shares of Adobe by 105.5% in the first quarter. Romano Brothers AND Company now owns 1,155 shares of the software company’s stock valued at $583,000 after purchasing an additional 593 shares during the period. Finally, Investment Research & Advisory Group Inc. raised its stake in shares of Adobe by 3.8% in the first quarter. Investment Research & Advisory Group Inc. now owns 3,898 shares of the software company’s stock worth $1,967,000 after purchasing an additional 141 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 1.6 %

Shares of NASDAQ ADBE traded up $8.78 during midday trading on Friday, hitting $555.54. The company’s stock had a trading volume of 5,084,543 shares, compared to its average volume of 4,723,748. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business’s fifty day simple moving average is $485.04 and its two-hundred day simple moving average is $534.90. The firm has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.

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

Adobe declared that its board has authorized a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have commented on ADBE. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Friday, June 14th. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Bank of America cut their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,270 shares of company stock worth $15,165,916. Corporate insiders own 0.15% of the company’s stock.

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.