Prosperity Consulting Group LLC Has $558,000 Position in Adobe Inc. (NASDAQ:ADBE)

Prosperity Consulting Group LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 35.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,105 shares of the software company’s stock after purchasing an additional 287 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Adobe were worth $558,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Invst LLC lifted its stake in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares in the last quarter. Raleigh Capital Management Inc. increased its holdings in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC increased its holdings in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management increased its holdings in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares during the last quarter. Finally, Evolution Advisers Inc. increased its holdings in Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ADBE. Citigroup decreased their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. 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. Sanford C. Bernstein lifted their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Trading Up 1.4 %

Shares of ADBE traded up $8.19 during mid-day trading on Friday, hitting $578.34. 2,808,635 shares of the company’s stock traded hands, compared to its average volume of 4,308,988. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $256.44 billion, a P/E ratio of 51.96, a PEG ratio of 2.98 and a beta of 1.30. The business’s 50-day moving average price is $494.61 and its 200-day moving average price is $534.33.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) 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 firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the firm earned $3.04 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the company’s 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock valued at $15,165,916 over the last ninety days. Company insiders own 0.15% of the company’s stock.

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.