Dash Acquisitions Inc. Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Dash Acquisitions Inc. raised its stake in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the first quarter, Holdings Channel reports. The fund owned 20,581 shares of the software company’s stock after buying an additional 1,070 shares during the period. Adobe makes up approximately 3.1% of Dash Acquisitions Inc.’s portfolio, making the stock its 15th largest position. Dash Acquisitions Inc.’s holdings in Adobe were worth $9,765,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe during the 4th quarter valued at approximately $35,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Vima LLC purchased a new stake in shares of Adobe during the 4th quarter valued at approximately $55,000. Pineridge Advisors LLC purchased a new stake in shares of Adobe during the 4th quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Adobe during the 4th quarter valued at approximately $61,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The shares were 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 directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, 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 can be accessed 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 shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,270 shares of company stock valued at $15,165,916. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Sanford C. Bernstein upped their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Wells Fargo & Company upped their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Finally, Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Trading Up 1.4 %

ADBE traded up $7.70 during trading on Tuesday, hitting $567.71. 2,872,765 shares of the stock traded hands, compared to its average volume of 3,580,365. The firm has a 50-day moving average of $486.90 and a 200 day moving average of $534.09. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $251.72 billion, a P/E ratio of 51.12, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

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

Adobe announced that its Board of Directors has approved a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.