Westover Capital Advisors LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Westover Capital Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 27.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,093 shares of the software company’s stock after buying an additional 449 shares during the quarter. Westover Capital Advisors LLC’s holdings in Adobe were worth $1,249,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. HBC Financial Services PLLC purchased a new stake in Adobe during the third quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the fourth quarter worth approximately $35,000. BluePath Capital Management LLC purchased a new stake in Adobe during the third quarter worth approximately $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe during the third quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. purchased a new stake in Adobe during the third quarter worth approximately $52,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock traded up $6.69 during trading hours on Thursday, reaching $476.08. The stock had a trading volume of 1,523,312 shares, compared to its average volume of 3,452,484. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The firm has a 50-day simple moving average of $510.90 and a 200-day simple moving average of $562.78. The firm has a market capitalization of $213.28 billion, a PE ratio of 45.17, a price-to-earnings-growth ratio of 2.51 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has authorized 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 buy up to 10.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Oppenheimer restated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe 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.