Atria Wealth Solutions Inc. Purchases 988 Shares of Adobe Inc. (NASDAQ:ADBE)

Atria Wealth Solutions Inc. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 41,673 shares of the software company’s stock after buying an additional 988 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Adobe were worth $24,862,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rockland Trust Co. raised its position in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares in the last quarter. Federated Hermes Inc. increased its holdings 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 last quarter. Mainsail Financial Group LLC increased its holdings 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 last quarter. Team Hewins LLC acquired a new position in shares of Adobe in the third quarter valued at $4,141,000. Finally, Guinness Asset Management LTD increased its holdings in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 0.9 %

ADBE traded up $4.22 during trading on Wednesday, reaching $477.12. 2,335,078 shares of the company’s stock were exchanged, compared to its average volume of 3,526,816. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $213.75 billion, a PE ratio of 45.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The firm has a fifty day moving average price of $519.06 and a two-hundred day moving average price of $565.33.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share 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 analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were 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 in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the business’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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 984 shares of company stock worth $577,171. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ADBE shares. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research note on Thursday, January 18th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. UBS Group decreased their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe 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.