B. Riley Wealth Advisors Inc. Has $9.58 Million Stake in Adobe Inc. (NASDAQ:ADBE)

B. Riley Wealth Advisors Inc. reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,053 shares of the software company’s stock after selling 910 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Adobe were worth $9,577,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth about $3,277,785,000. Wellington Management Group LLP raised its holdings in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. International Assets Investment Management LLC bought a new position in shares of Adobe during the fourth quarter worth $875,592,000. Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC raised its stake in Adobe by 41.2% during the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after buying an additional 307,479 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 1.3 %

Shares of ADBE stock opened at $518.74 on Tuesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market capitalization of $232.40 billion, a PE ratio of 46.61, a price-to-earnings-growth ratio of 2.84 and a beta of 1.27. The firm has a 50 day moving average price of $475.32 and a two-hundred day moving average price of $539.44. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm posted $3.04 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on ADBE shares. Piper Sandler Companies decreased their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a report on Friday. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on 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 owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by company insiders.

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.