Kathmere Capital Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Kathmere Capital Management LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,073 shares of the software company’s stock after acquiring an additional 58 shares during the quarter. Kathmere Capital Management LLC’s holdings in Adobe were worth $1,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ADBE. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the fourth quarter worth $35,000. Steph & Co. raised its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Vima LLC purchased a new position in shares of Adobe in the 4th quarter worth about $55,000. Pineridge Advisors LLC bought a new position in Adobe during the fourth quarter valued at about $60,000. Finally, Scarborough Advisors LLC purchased a new stake in Adobe during the fourth quarter worth about $61,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Sanford C. Bernstein boosted their target price on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research note on Friday, June 14th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Finally, KeyCorp lifted their price objective on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was 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 disclosure for this sale can be found here. In the last three months, insiders sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 1.6 %

Shares of Adobe stock opened at $555.54 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market cap of $246.33 billion, a PE ratio of 49.91, a PEG ratio of 2.85 and a beta of 1.27. The company has a 50 day simple moving average of $485.04 and a two-hundred day simple moving average of $535.58.

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

Adobe announced that its board has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board 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.