Oak Harvest Investment Services Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Oak Harvest Investment Services acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,489 shares of the software company’s stock, valued at approximately $751,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the period. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe in the fourth quarter worth approximately $35,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Vima LLC bought a new position in shares of Adobe in the fourth quarter worth approximately $55,000. Finally, Pineridge Advisors LLC bought a new position in Adobe during the fourth quarter valued at approximately $60,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the 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 owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,270 shares of company stock worth $15,165,916. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.4 %

Adobe stock traded up $2.44 during midday trading on Thursday, hitting $570.15. 1,664,373 shares of the stock were exchanged, compared to its average volume of 4,552,269. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market capitalization of $252.80 billion, a price-to-earnings ratio of 51.23, a PEG ratio of 2.96 and a beta of 1.30. The stock’s 50-day simple moving average is $490.66 and its 200 day simple moving average is $534.23. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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. 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 business earned $3.04 earnings per share. Adobe’s revenue was up 10.2% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to reacquire 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 shares are undervalued.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADBE shares. Piper Sandler Companies lowered their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Robert W. Baird increased their price objective on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Wells Fargo & Company upped their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Adobe Company 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.