Park Avenue Securities LLC Has $12.25 Million Position in Adobe Inc. (NASDAQ:ADBE)

Park Avenue Securities LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,269 shares of the software company’s stock after acquiring an additional 28 shares during the period. Park Avenue Securities LLC’s holdings in Adobe were worth $12,246,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Stokes Family Office LLC grew its holdings in Adobe by 17.2% in the 3rd quarter. Stokes Family Office LLC now owns 551 shares of the software company’s stock valued at $281,000 after buying an additional 81 shares in the last quarter. Bison Wealth LLC acquired a new stake in Adobe in the 3rd quarter worth about $599,000. Pinkerton Retirement Specialists LLC bought a new stake in Adobe in the 3rd quarter valued at about $284,000. Acadian Asset Management LLC grew its position in shares of Adobe by 33.5% during the 3rd quarter. Acadian Asset Management LLC now owns 140,746 shares of the software company’s stock worth $71,749,000 after purchasing an additional 35,308 shares in the last quarter. Finally, Regal Investment Advisors LLC increased its holdings in shares of Adobe by 11.5% during the third quarter. Regal Investment Advisors LLC now owns 1,212 shares of the software company’s stock worth $618,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 2.0 %

Shares of NASDAQ:ADBE traded up $10.49 during mid-day trading on Friday, hitting $533.44. The company had a trading volume of 6,609,845 shares, compared to its average volume of 3,581,639. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a fifty day moving average price of $478.58 and a 200 day moving average price of $538.08. The company has a market capitalization of $238.98 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the firm posted $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 14.68 EPS for the current year.

Adobe announced that its board has initiated a share 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 reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. UBS Group reduced their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 96 shares of the firm’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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were 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 owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,270 shares of company stock valued at $1,563,166. Corporate insiders own 0.15% of the company’s stock.

About Adobe

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.