Xponance Inc. Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Xponance Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 107,017 shares of the software company’s stock after buying an additional 128 shares during the period. Adobe accounts for approximately 0.8% of Xponance Inc.’s holdings, making the stock its 19th biggest position. Xponance Inc.’s holdings in Adobe were worth $63,846,000 at the end of the most recent quarter.

Other institutional investors have also 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 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares during the period. Invst LLC lifted its holdings 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 buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. lifted its holdings in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC lifted its holdings in 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 buying an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its holdings in 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 worth $249,000 after buying an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. TD Cowen lowered their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Finally, Barclays lowered their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Down 0.3 %

Adobe stock traded down $1.27 during trading on Thursday, reaching $473.18. The company had a trading volume of 2,385,738 shares, compared to its average volume of 3,566,456. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The stock’s 50 day moving average price is $533.19 and its two-hundred day moving average price is $566.97. The firm has a market capitalization of $211.98 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its quarterly 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. 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%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.97 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock valued at $1,848,418 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

About Adobe

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.