Valeo Financial Advisors LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Valeo Financial Advisors LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,563 shares of the software company’s stock after buying an additional 413 shares during the period. Valeo Financial Advisors LLC’s holdings in Adobe were worth $2,807,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter valued at about $3,277,785,000. Wellington Management Group LLP raised its holdings in shares of 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 valued at $1,207,780,000 after buying an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the fourth quarter valued at about $875,592,000. Price T Rowe Associates Inc. MD increased its stake in shares of Adobe by 10.0% during the fourth 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 period. Finally, Putnam Investments LLC increased 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 worth $628,473,000 after acquiring an additional 307,479 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 0.4 %

Shares of NASDAQ:ADBE opened at $570.15 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $488.79 and a 200-day moving average of $533.97. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $252.80 billion, a P/E ratio of 51.23, a P/E/G ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its 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 net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock 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 repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Mizuho reaffirmed a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. KeyCorp increased their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, 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 report on Monday, June 10th. 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 stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were 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 directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, 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. In the last quarter, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by company insiders.

Adobe Company 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.