Assetmark Inc. Has $15.69 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Assetmark Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 44.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,306 shares of the software company’s stock after purchasing an additional 8,084 shares during the period. Assetmark Inc.’s holdings in Adobe were worth $15,694,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Barlow Wealth Partners Inc. purchased a new position in Adobe in the fourth quarter valued at about $16,700,000. Federated Hermes Inc. raised its position in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC raised its position in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the period. Team Hewins LLC bought a new stake in shares of Adobe in the third quarter valued at approximately $4,141,000. Finally, Vise Technologies Inc. raised its position in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.4 %

Shares of ADBE traded up $1.90 during midday trading on Wednesday, hitting $483.75. The stock had a trading volume of 452,866 shares, compared to its average volume of 3,317,821. The stock’s 50 day moving average is $490.68 and its 200 day moving average is $557.34. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $216.72 billion, a PE ratio of 46.07, a price-to-earnings-growth ratio of 2.62 and a beta of 1.28. Adobe Inc. has a 1 year low of $361.72 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 earnings per share. As a group, analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared 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 purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. TD Cowen dropped their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company reduced their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Piper Sandler Companies reduced their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Oppenheimer restated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $620.72.

View Our Latest Research Report on ADBE

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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