Premier Fund Managers Ltd Acquires 14,899 Shares of Adobe Inc. (NASDAQ:ADBE)

Premier Fund Managers Ltd raised its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 201.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,287 shares of the software company’s stock after buying an additional 14,899 shares during the quarter. Premier Fund Managers Ltd’s holdings in Adobe were worth $13,278,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ADBE. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter valued at approximately $35,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe in the 3rd quarter worth about $45,000. First Command Advisory Services Inc. purchased a new position in shares of Adobe in the 3rd quarter worth about $52,000. BKM Wealth Management LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $65,000. Finally, First United Bank & Trust bought a new stake in shares of Adobe in the 4th quarter valued at about $74,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on ADBE shares. Wells Fargo & Company cut their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. JPMorgan Chase & Co. dropped their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Get Our Latest Stock Report on Adobe

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, 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 Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $9.35 during trading on Tuesday, reaching $448.37. The company’s stock had a trading volume of 3,071,975 shares, compared to its average volume of 3,359,730. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $200.87 billion, a price-to-earnings ratio of 42.73, a P/E/G ratio of 2.41 and a beta of 1.27. Adobe Inc. has a twelve month low of $417.74 and a twelve month high of $638.25. The business’s fifty day moving average price is $480.58 and its 200-day moving average price is $549.60.

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

Adobe announced that its board has authorized a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Adobe Company Profile

(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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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