Walden Wealth Partners LLC Takes $2.01 Million Position in Adobe Inc. (NASDAQ:ADBE)

Walden Wealth Partners LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,374 shares of the software company’s stock, valued at approximately $2,013,000. Adobe makes up 1.3% of Walden Wealth Partners LLC’s investment portfolio, making the stock its 18th largest position.

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

Insider Activity

In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on 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 directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Down 1.3 %

Shares of Adobe stock opened at $518.74 on Tuesday. The company’s 50-day moving average price is $475.32 and its 200-day moving average price is $539.44. The company has a market cap of $232.40 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $3.04 earnings per share. On average, equities analysts expect 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 stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research reports. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. KeyCorp upped their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday. TD Cowen decreased their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Oppenheimer reaffirmed an “outperform” rating and set a $580.00 price objective on shares of Adobe in a research report on Friday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 target price on shares of Adobe in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

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.