Congress Wealth Management LLC DE Has $18.59 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Congress Wealth Management LLC DE lifted its position in Adobe Inc. (NASDAQ:ADBE) by 2.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,847 shares of the software company’s stock after buying an additional 1,020 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Adobe were worth $18,593,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $35,000. Steph & Co. increased its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Vima LLC bought a new position in Adobe during the fourth quarter worth $55,000. Pineridge Advisors LLC bought a new position in Adobe during the fourth quarter worth $60,000. Finally, Scarborough Advisors LLC bought a new position in Adobe during the fourth quarter worth $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was 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 directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly 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 available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 in the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Trading Up 0.8 %

Adobe stock traded up $4.47 during trading hours on Monday, reaching $560.01. 3,068,825 shares of the company’s stock traded hands, compared to its average volume of 3,586,013. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market capitalization of $248.31 billion, a price-to-earnings ratio of 50.32, a PEG ratio of 2.90 and a beta of 1.30. The firm’s 50 day moving average is $485.04 and its 200-day moving average is $534.27.

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. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $3.04 EPS. On average, analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. DA Davidson reissued a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, TD Cowen lowered their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $607.67.

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.