FLC Capital Advisors Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

FLC Capital Advisors lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,545 shares of the software company’s stock after buying an additional 213 shares during the period. FLC Capital Advisors’ holdings in Adobe were worth $922,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. One Charles Private Wealth Services LLC grew its holdings in shares of Adobe by 2.2% during the 3rd 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 third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares during the last quarter. Raleigh Capital Management Inc. lifted its position in shares of Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC boosted its stake in shares of Adobe by 2.5% during 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 in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management increased its holdings in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 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

A number of equities research analysts have issued reports on the company. DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Mizuho restated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday. Finally, BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.6 %

Adobe stock traded down $3.20 during midday trading on Wednesday, reaching $504.40. The stock had a trading volume of 4,227,836 shares, compared to its average volume of 3,677,814. The firm’s fifty day simple moving average is $573.39 and its 200-day simple moving average is $571.57. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market capitalization of $228.27 billion, a P/E ratio of 48.26, a price-to-earnings-growth ratio of 2.74 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05.

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

Adobe declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock worth $5,340,250 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

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.