FCG Investment Co Raises Position in Adobe Inc. (NASDAQ:ADBE)

FCG Investment Co raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 113.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,860 shares of the software company’s stock after buying an additional 988 shares during the period. FCG Investment Co’s holdings in Adobe were worth $939,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Tradewinds Capital Management LLC raised its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe in the 4th quarter worth approximately $35,000. Steph & Co. boosted its position in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Vima LLC purchased a new stake in Adobe in the fourth quarter worth $55,000. Finally, Pineridge Advisors LLC purchased a new position in Adobe during the fourth quarter valued at $60,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,270 shares of company stock worth $15,165,916. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock traded up $2.44 on Thursday, hitting $570.15. 1,664,373 shares of the company’s stock were exchanged, compared to its average volume of 4,552,269. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a 50-day simple moving average of $490.66 and a 200-day simple moving average of $534.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $252.80 billion, a PE ratio of 51.23, a PEG ratio of 2.96 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results 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. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADBE. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Monday, June 10th. Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Finally, TD Cowen lowered their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.