Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Physician Wealth Advisors Inc.

Physician Wealth Advisors Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 11.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 483 shares of the software company’s stock after buying an additional 48 shares during the quarter. Physician Wealth Advisors Inc.’s holdings in Adobe were worth $230,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. New Mexico Educational Retirement Board raised its position in shares of Adobe by 15.1% during the 1st quarter. New Mexico Educational Retirement Board now owns 27,418 shares of the software company’s stock worth $13,835,000 after purchasing an additional 3,600 shares during the period. Founders Financial Securities LLC increased its position in Adobe by 8.6% in the 1st quarter. Founders Financial Securities LLC now owns 2,017 shares of the software company’s stock valued at $1,018,000 after acquiring an additional 159 shares during the period. Fox Hill Wealth Management increased its position in Adobe by 3.1% in the 1st quarter. Fox Hill Wealth Management now owns 9,124 shares of the software company’s stock valued at $4,604,000 after acquiring an additional 271 shares during the period. Symphony Financial Ltd. Co. increased its position in Adobe by 17.2% in the 1st quarter. Symphony Financial Ltd. Co. now owns 5,204 shares of the software company’s stock valued at $2,616,000 after acquiring an additional 764 shares during the period. Finally, Vicus Capital boosted 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 in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. BMO Capital Markets raised their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Finally, Sanford C. Bernstein raised their price objective on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Price Performance

Shares of ADBE traded up $8.78 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. The company has a market capitalization of $246.33 billion, a PE ratio of 49.91, a PEG ratio of 2.90 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day moving average price of $485.04 and a 200 day moving average price of $534.90.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the business earned $3.04 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were 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 of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

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.