Atlantic Union Bankshares Corp Purchases 2,827 Shares of Adobe Inc. (NASDAQ:ADBE)

Atlantic Union Bankshares Corp lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 22.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,283 shares of the software company’s stock after buying an additional 2,827 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Adobe were worth $7,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Register Financial Advisors LLC bought a new position in shares of Adobe during the 1st quarter worth $111,000. Fifth Third Wealth Advisors LLC lifted its stake in shares of Adobe by 107.9% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 5,456 shares of the software company’s stock worth $2,753,000 after purchasing an additional 2,832 shares during the last quarter. GuoLine Advisory Pte Ltd purchased a new stake in shares of Adobe during the 1st quarter worth $30,286,000. Cypress Wealth Services LLC lifted its stake in shares of Adobe by 40.1% during the 1st quarter. Cypress Wealth Services LLC now owns 479 shares of the software company’s stock worth $242,000 after purchasing an additional 137 shares during the last quarter. Finally, Congress Park Capital LLC lifted its stake in shares of Adobe by 1.1% during the 1st quarter. Congress Park Capital LLC now owns 5,658 shares of the software company’s stock worth $2,855,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. BMO Capital Markets upped their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. UBS Group lowered their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Sanford C. Bernstein lifted their price objective on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Two 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’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Price Performance

NASDAQ:ADBE traded up $8.78 during trading hours on Friday, hitting $555.54. The company’s stock had a trading volume of 5,077,912 shares, compared to its average volume of 3,590,147. The business’s 50-day moving average is $485.04 and its two-hundred day moving average is $535.58. The company has a market capitalization of $248.88 billion, a PE ratio of 49.91, a PEG ratio of 2.76 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.04 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan 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 plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock worth $15,165,916 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

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.