Park Place Capital Corp Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Park Place Capital Corp decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,190 shares of the software company’s stock after selling 125 shares during the period. Park Place Capital Corp’s holdings in Adobe were worth $1,105,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ADBE. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the fourth quarter valued at approximately $35,000. Steph & Co. lifted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Vima LLC bought a new stake in Adobe during the fourth quarter valued at approximately $55,000. Pineridge Advisors LLC bought a new stake in Adobe during the fourth quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC bought a new stake in Adobe during the fourth quarter valued at approximately $61,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $4.47 during trading on Monday, hitting $560.01. The company had a trading volume of 3,068,825 shares, compared to its average volume of 3,586,013. The stock has a 50 day simple moving average of $485.04 and a 200 day simple moving average of $534.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $248.31 billion, a P/E ratio of 50.32, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results 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. 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 business posted $3.04 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated 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 repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on ADBE. Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Barclays lifted their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 in the last quarter. 0.15% of the stock is 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.