Adobe Inc. (NASDAQ:ADBE) Position Boosted by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 265.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,354 shares of the software company’s stock after purchasing an additional 3,887 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Adobe were worth $3,194,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe in the third quarter worth approximately $25,000. HBC Financial Services PLLC bought a new position in shares of Adobe during the third quarter valued at $25,000. Global Wealth Strategies & Associates lifted its holdings in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC bought a new position in shares of Adobe in the fourth quarter valued at about $29,000. Finally, Halpern Financial Inc. raised its holdings in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Adobe news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 in the last three months. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Royal Bank of Canada decreased their price objective on Adobe from $650.00 to $630.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Robert W. Baird decreased their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Evercore ISI reduced their price objective on Adobe from $700.00 to $650.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. TD Cowen lowered their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Finally, Citigroup raised their price objective on Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $507.23 on Tuesday. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. The business has a 50-day simple moving average of $576.97 and a two-hundred day simple moving average of $572.31. The firm has a market cap of $229.55 billion, a price-to-earnings ratio of 48.49, a price-to-earnings-growth ratio of 2.70 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.97 EPS. On average, analysts expect that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.