Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Waycross Partners LLC

Waycross Partners LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 100.0% during the fourth quarter, HoldingsChannel reports. The fund owned 4,000 shares of the software company’s stock after acquiring an additional 2,000 shares during the quarter. Waycross Partners LLC’s holdings in Adobe were worth $2,386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. HBC Financial Services PLLC acquired a new position in Adobe during the third quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth about $35,000. BluePath Capital Management LLC acquired a new position in Adobe during the third quarter worth about $39,000. Hanseatic Management Services Inc. acquired a new position in Adobe during the third quarter worth about $45,000. Finally, Hoey Investments Inc. grew its position in Adobe by 526.7% during the third quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock worth $48,000 after buying an additional 79 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADBE shares. BMO Capital Markets restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Bank of America reduced their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. 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 report on Thursday, January 18th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Down 2.2 %

Shares of Adobe stock traded down $10.24 during trading hours on Tuesday, hitting $462.83. The company’s stock had a trading volume of 3,221,321 shares, compared to its average volume of 3,488,144. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The business has a fifty day moving average of $512.29 and a 200 day moving average of $563.44. The company has a market capitalization of $207.35 billion, a PE ratio of 44.25, a P/E/G ratio of 2.59 and a beta of 1.28. 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 (NASDAQ:ADBE) last released its quarterly earnings data 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’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 of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’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 of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction 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. In the last three months, insiders sold 293 shares of company stock valued at $137,656. Corporate insiders own 0.15% of the company’s stock.

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.