Castle Wealth Management LLC Invests $208,000 in Adobe Inc. (NASDAQ:ADBE)

Castle Wealth Management LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 349 shares of the software company’s stock, valued at approximately $208,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geneva Partners LLC acquired a new stake in shares of Adobe in the fourth quarter valued at $1,220,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $35,000. Resonant Capital Advisors LLC lifted its holdings in shares of Adobe by 215.9% in the fourth quarter. Resonant Capital Advisors LLC now owns 2,559 shares of the software company’s stock valued at $1,527,000 after buying an additional 1,749 shares during the period. Zhang Financial LLC lifted its holdings in shares of Adobe by 58.7% in the fourth quarter. Zhang Financial LLC now owns 2,287 shares of the software company’s stock valued at $1,364,000 after buying an additional 846 shares during the period. Finally, Ninepoint Partners LP acquired a new stake in shares of Adobe in the fourth quarter valued at $646,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Adobe 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,075 shares of company stock worth $1,848,418. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.7 %

Shares of Adobe stock traded down $8.16 during trading on Friday, reaching $465.02. The stock had a trading volume of 3,280,642 shares, compared to its average volume of 3,572,111. The company has a market capitalization of $208.33 billion, a price-to-earnings ratio of 44.46, a P/E/G ratio of 2.57 and a beta of 1.28. The stock has a fifty day moving average price of $527.09 and a two-hundred day moving average price of $565.93. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company posted $2.97 earnings per share. Adobe’s revenue was up 11.3% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. UBS Group reduced their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Oppenheimer reissued an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Barclays lowered their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.