Sunburst Financial Group LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sunburst Financial Group LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 427 shares of the software company’s stock after acquiring an additional 31 shares during the quarter. Sunburst Financial Group LLC’s holdings in Adobe were worth $214,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Lockerman Financial Group Inc. lifted its stake in shares of Adobe by 5.9% during the first quarter. Lockerman Financial Group Inc. now owns 432 shares of the software company’s stock worth $218,000 after buying an additional 24 shares during the period. Thrive Wealth Management LLC increased its holdings in Adobe by 15.5% in the first quarter. Thrive Wealth Management LLC now owns 1,494 shares of the software company’s stock valued at $754,000 after buying an additional 200 shares in the last quarter. Overbrook Management Corp increased its holdings in Adobe by 2,073.5% in the first quarter. Overbrook Management Corp now owns 13,041 shares of the software company’s stock valued at $6,580,000 after buying an additional 12,441 shares in the last quarter. Chesley Taft & Associates LLC increased its holdings in Adobe by 9.5% in the first quarter. Chesley Taft & Associates LLC now owns 37,944 shares of the software company’s stock valued at $19,147,000 after buying an additional 3,306 shares in the last quarter. Finally, Scharf Investments LLC increased its holdings in Adobe by 4.4% in the first quarter. Scharf Investments LLC now owns 4,441 shares of the software company’s stock valued at $2,241,000 after buying an additional 187 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. HSBC cut their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Finally, Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Up 1.0 %

Shares of NASDAQ:ADBE traded up $5.34 during trading hours on Friday, reaching $552.10. The stock had a trading volume of 1,601,818 shares, compared to its average volume of 3,561,236. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s 50 day moving average is $481.75 and its 200-day moving average is $535.99. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The stock has a market capitalization of $247.34 billion, a price-to-earnings ratio of 49.63, a P/E/G ratio of 2.76 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 net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.04 EPS. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly 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 three months, insiders have sold 3,270 shares of company stock valued at $1,563,166. Insiders own 0.15% of the company’s stock.

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.