FORVIS Wealth Advisors LLC Has $2.83 Million Stake in Adobe Inc. (NASDAQ:ADBE)

FORVIS Wealth Advisors LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 27.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,603 shares of the software company’s stock after purchasing an additional 1,202 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Adobe were worth $2,827,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe in the 4th quarter worth $35,000. Steph & Co. boosted its position in shares of Adobe by 63.8% in 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 last quarter. Vima LLC bought a new position in shares of Adobe in the 4th quarter worth $55,000. Finally, Pineridge Advisors LLC bought a new position in shares of Adobe in the 4th quarter worth $60,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE traded up $0.15 during trading on Friday, reaching $570.30. 422,726 shares of the company’s stock were exchanged, compared to its average volume of 3,540,089. The business has a 50 day moving average price of $492.59 and a 200-day moving average price of $534.48. The stock has a market capitalization of $252.87 billion, a P/E ratio of 51.23, a PEG ratio of 2.98 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share 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 firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the business earned $3.04 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock worth $15,165,916 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several recent research reports. Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. TD Cowen reduced their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, Robert W. Baird lifted their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $607.67.

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.