Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Wealthcare Advisory Partners LLC

Wealthcare Advisory Partners LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 36.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,322 shares of the software company’s stock after acquiring an additional 2,236 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Adobe were worth $4,199,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the 4th quarter valued at about $35,000. Steph & Co. grew its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Vima LLC bought a new stake in shares of Adobe in the 4th quarter valued at approximately $55,000. Pineridge Advisors LLC bought a new stake in Adobe during the fourth quarter worth approximately $60,000. Finally, Scarborough Advisors LLC bought a new stake in Adobe during the fourth quarter worth approximately $61,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Oppenheimer reiterated an “outperform” rating and set a $580.00 price target on shares of Adobe in a report on Friday, June 14th. Stifel Nicolaus cut their target price on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Barclays increased their price objective on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Wells Fargo & Company increased their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. Two research 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 stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Price Performance

Adobe stock opened at $546.76 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market capitalization of $244.95 billion, a P/E ratio of 49.12, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27. The stock has a fifty day moving average of $481.75 and a 200-day moving average of $535.99.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the previous year, the firm earned $3.04 EPS. Adobe’s revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated 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 buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, 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 value of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, 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 value of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,270 shares of company stock worth $1,563,166. Insiders own 0.15% of the company’s stock.

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.