Cwm LLC Purchases 7,278 Shares of Adobe Inc. (NASDAQ:ADBE)

Cwm LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 24.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 36,816 shares of the software company’s stock after buying an additional 7,278 shares during the quarter. Cwm LLC’s holdings in Adobe were worth $18,578,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Stokes Family Office LLC grew its position in Adobe by 17.2% during the third quarter. Stokes Family Office LLC now owns 551 shares of the software company’s stock worth $281,000 after buying an additional 81 shares in the last quarter. Bison Wealth LLC acquired a new stake in Adobe during the third quarter worth approximately $599,000. Rathbones Group PLC grew its position in Adobe by 94.5% during the third quarter. Rathbones Group PLC now owns 430,370 shares of the software company’s stock worth $219,446,000 after buying an additional 209,075 shares in the last quarter. V Square Quantitative Management LLC grew its position in Adobe by 13.8% during the third quarter. V Square Quantitative Management LLC now owns 4,628 shares of the software company’s stock worth $2,360,000 after buying an additional 561 shares in the last quarter. Finally, TFB Advisors LLC grew its position in Adobe by 26.6% during the third quarter. TFB Advisors LLC now owns 1,086 shares of the software company’s stock worth $554,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was 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 directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was 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 directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock valued at $1,563,166 in the last three months. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. Barclays raised their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. HSBC reduced their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the company from $570.00 to $580.00 in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Up 0.7 %

Shares of NASDAQ:ADBE opened at $522.25 on Thursday. The firm has a market cap of $233.97 billion, a P/E ratio of 46.92, a P/E/G ratio of 2.72 and a beta of 1.27. 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 Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The business has a fifty day simple moving average of $476.62 and a 200 day simple moving average of $538.69.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (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 analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $3.04 EPS. Analysts predict that Adobe Inc. will post 14.65 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a share 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.