Richelieu Gestion SA Increases Position in Adobe Inc. (NASDAQ:ADBE)

Richelieu Gestion SA boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,816 shares of the software company’s stock after purchasing an additional 173 shares during the period. Adobe makes up 2.5% of Richelieu Gestion SA’s portfolio, making the stock its 13th biggest position. Richelieu Gestion SA’s holdings in Adobe were worth $2,430,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the fourth quarter worth approximately $35,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Vima LLC acquired a new stake in shares of Adobe during the fourth quarter worth approximately $55,000. Pineridge Advisors LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC bought a new position in shares of Adobe in the fourth quarter valued at approximately $61,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE stock traded up $3.51 during midday trading on Wednesday, reaching $530.39. 1,801,480 shares of the company were exchanged, compared to its average volume of 3,558,618. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The business has a 50-day moving average price of $480.67 and a two-hundred day moving average price of $536.04. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market capitalization of $237.61 billion, a price-to-earnings ratio of 47.30, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its 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. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold 3,270 shares of company stock valued at $1,563,166 over the last ninety days. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADBE shares. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. UBS Group lowered their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Citigroup lowered their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe 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.