New York Life Investment Management LLC Purchases 363 Shares of Adobe Inc. (NASDAQ:ADBE)

New York Life Investment Management LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,302 shares of the software company’s stock after purchasing an additional 363 shares during the period. New York Life Investment Management LLC’s holdings in Adobe were worth $42,539,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the 4th quarter worth about $35,000. BluePath Capital Management LLC acquired a new stake in Adobe in the 3rd quarter valued at about $39,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe in the third quarter worth about $45,000. Finally, Hoey Investments Inc. lifted its position in shares of 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 purchasing an additional 79 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 1.4 %

Shares of ADBE traded up $6.56 during trading hours on Wednesday, reaching $469.39. The stock had a trading volume of 2,488,509 shares, compared to its average volume of 3,476,279. The company has a market capitalization of $210.29 billion, a price-to-earnings ratio of 44.25, a P/E/G ratio of 2.56 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The firm has a 50-day simple moving average of $512.29 and a 200 day simple moving average of $563.44.

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

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’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 in the company, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was 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 in the company, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock worth $137,656 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. KeyCorp began coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. Finally, Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.