Abbrea Capital LLC Purchases 67 Shares of Adobe Inc. (NASDAQ:ADBE)

Abbrea Capital LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,516 shares of the software company’s stock after purchasing an additional 67 shares during the quarter. Abbrea Capital LLC’s holdings in Adobe were worth $2,694,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Syon Capital LLC boosted its position in shares of Adobe by 27.2% during the 4th quarter. Syon Capital LLC now owns 4,572 shares of the software company’s stock worth $2,728,000 after purchasing an additional 977 shares in the last quarter. Meritage Portfolio Management boosted its position in shares of Adobe by 7.5% during the 4th quarter. Meritage Portfolio Management now owns 30,666 shares of the software company’s stock worth $18,295,000 after purchasing an additional 2,148 shares in the last quarter. Roffman Miller Associates Inc. PA boosted its position in shares of Adobe by 1.7% during the 4th quarter. Roffman Miller Associates Inc. PA now owns 31,952 shares of the software company’s stock worth $19,063,000 after purchasing an additional 526 shares in the last quarter. Pittenger & Anderson Inc. boosted its position in shares of Adobe by 41.2% during the 4th quarter. Pittenger & Anderson Inc. now owns 3,018 shares of the software company’s stock worth $1,801,000 after purchasing an additional 880 shares in the last quarter. Finally, Lyell Wealth Management LP boosted its position in shares of Adobe by 1.8% during the 4th quarter. Lyell Wealth Management LP now owns 20,424 shares of the software company’s stock worth $12,185,000 after purchasing an additional 352 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction 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 $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction 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 $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.9 %

NASDAQ:ADBE traded up $4.12 during mid-day trading on Friday, hitting $477.56. 2,313,129 shares of the company’s stock were exchanged, compared to its average volume of 3,496,229. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. 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 business has a fifty day moving average price of $516.72 and a 200 day moving average price of $564.69. The company has a market cap of $213.95 billion, a PE ratio of 46.08, a P/E/G ratio of 2.58 and a beta of 1.28.

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

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price objective 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 given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.