Unique Wealth Strategies LLC Invests $1.22 Million in Adobe Inc. (NASDAQ:ADBE)

Unique Wealth Strategies LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 2,038 shares of the software company’s stock, valued at approximately $1,216,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oak Thistle LLC bought a new position in Adobe in the third quarter valued at approximately $472,000. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Adobe by 14.2% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,612 shares of the software company’s stock worth $822,000 after acquiring an additional 200 shares during the period. TFG Advisers LLC bought a new stake in Adobe in the 3rd quarter valued at $240,000. Investment Research & Advisory Group Inc. boosted its stake in Adobe by 3.1% in the 3rd quarter. Investment Research & Advisory Group Inc. now owns 3,810 shares of the software company’s stock worth $1,943,000 after purchasing an additional 115 shares during the period. Finally, Zullo Investment Group Inc. increased its holdings in Adobe by 6.5% during the 3rd quarter. Zullo Investment Group Inc. now owns 781 shares of the software company’s stock worth $398,000 after purchasing an additional 48 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of ADBE traded up $4.12 during trading hours on Friday, hitting $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market cap of $213.95 billion, a price-to-earnings ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. The firm’s fifty day moving average is $515.34 and its 200 day moving average is $564.33.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the business posted $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, 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. In 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.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADBE. Mizuho reaffirmed a “buy” rating and set a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Robert W. Baird lowered their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.