Accurate Wealth Management LLC Has $464,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Accurate Wealth Management LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 50.3% during the 4th quarter, HoldingsChannel reports. The firm owned 777 shares of the software company’s stock after selling 787 shares during the quarter. Accurate Wealth Management LLC’s holdings in Adobe were worth $464,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. One Charles Private Wealth Services LLC grew its stake in shares of Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC increased its position in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its position in Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC grew its stake in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares during the last quarter. Finally, Valley Wealth Managers Inc. increased its holdings in shares of Adobe by 2.6% during the third quarter. Valley Wealth Managers Inc. now owns 704 shares of the software company’s stock worth $359,000 after buying an additional 18 shares in the last quarter. 80.00% of the stock is owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $499.52 on Friday. The firm has a fifty day simple moving average of $578.91 and a two-hundred day simple moving average of $572.63. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a market capitalization of $226.06 billion, a PE ratio of 47.76, a P/E/G ratio of 2.77 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 14.57 EPS for the current year.

Adobe announced that its board has initiated a stock buyback program 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 programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. DA Davidson reiterated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research report on Friday, March 15th. Robert W. Baird dropped their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Barclays dropped their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Piper Sandler Companies decreased their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, UBS Group dropped their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Read Our Latest Stock Analysis on Adobe

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is owned by insiders.

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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