J.W. Cole Advisors Inc. Has $2.08 Million Stake in Adobe Inc. (NASDAQ:ADBE)

J.W. Cole Advisors Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,135 shares of the software company’s stock after acquiring an additional 270 shares during the period. J.W. Cole Advisors Inc.’s holdings in Adobe were worth $2,083,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Evergreen Capital Management LLC lifted its position in Adobe by 4.2% during the third quarter. Evergreen Capital Management LLC now owns 3,241 shares of the software company’s stock valued at $1,653,000 after buying an additional 130 shares during the period. Legacy Advisors LLC increased its stake in Adobe by 4.6% in the third quarter. Legacy Advisors LLC now owns 1,285 shares of the software company’s stock worth $655,000 after purchasing an additional 57 shares during the period. Kettle Hill Capital Management LLC increased its stake in shares of Adobe by 60.7% during the third quarter. Kettle Hill Capital Management LLC now owns 11,116 shares of the software company’s stock valued at $5,668,000 after buying an additional 4,199 shares during the period. Jericho Capital Asset Management L.P. increased its stake in shares of Adobe by 154.3% during the third quarter. Jericho Capital Asset Management L.P. now owns 288,400 shares of the software company’s stock valued at $147,055,000 after buying an additional 175,000 shares during the period. Finally, Scotia Capital Inc. boosted its position in Adobe by 5.1% during the third quarter. Scotia Capital Inc. now owns 133,306 shares of the software company’s stock valued at $67,976,000 after purchasing an additional 6,490 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock valued at $15,165,916 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $8.19 on Friday, reaching $578.34. The stock had a trading volume of 2,807,921 shares, compared to its average volume of 3,560,779. 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 12-month low of $433.97 and a 12-month high of $638.25. The business’s 50-day moving average price is $492.59 and its 200 day moving average price is $534.48. The stock has a market cap of $256.44 billion, a P/E ratio of 51.96, a price-to-earnings-growth ratio of 2.98 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the company earned $3.04 earnings per share. Adobe’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its Board of Directors has initiated a share 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 reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADBE. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Friday, June 14th. Mizuho restated a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Finally, Oppenheimer reissued an “outperform” rating and set a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.