NewEdge Wealth LLC Has $41.90 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

NewEdge Wealth LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 10.6% in the fourth quarter, HoldingsChannel reports. The firm owned 70,237 shares of the software company’s stock after buying an additional 6,759 shares during the period. Adobe makes up 1.1% of NewEdge Wealth LLC’s portfolio, making the stock its 16th largest position. NewEdge Wealth LLC’s holdings in Adobe were worth $41,903,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe during the 3rd quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe during the third quarter worth approximately $25,000. Global Wealth Strategies & Associates grew its position in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Halpern Financial Inc. increased its stake in shares of Adobe by 314.3% during the third 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 period. Finally, BluePath Capital Management LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. KeyCorp initiated coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, TD Cowen cut their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Get Our Latest Analysis on ADBE

Adobe Price Performance

Shares of ADBE traded down $10.19 during trading hours on Friday, reaching $474.09. The stock had a trading volume of 5,619,974 shares, compared to its average volume of 3,630,428. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The stock has a market capitalization of $212.39 billion, a PE ratio of 45.21, a PEG ratio of 2.64 and a beta of 1.28. The company’s 50-day moving average is $545.06 and its two-hundred day moving average is $567.48.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company earned $2.97 earnings per share. Research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

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

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated 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 owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is currently owned by company insiders.

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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