Redmont Wealth Advisors LLC Takes $86,000 Position in Adobe Inc. (NASDAQ:ADBE)

Redmont Wealth Advisors LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 171 shares of the software company’s stock, valued at approximately $86,000.

Other large investors have also modified their holdings of the company. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the 4th quarter worth about $35,000. Steph & Co. lifted its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Vima LLC acquired a new position in Adobe during the 4th quarter worth about $55,000. Finally, Pineridge Advisors LLC acquired a new position in Adobe during the 4th quarter worth about $60,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock traded up $2.44 during midday trading on Wednesday, hitting $570.15. The company had a trading volume of 1,664,349 shares, compared to its average volume of 3,566,709. The company’s 50 day simple moving average is $488.79 and its 200 day simple moving average is $533.97. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $252.80 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 2.90 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating 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 company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period last year, the business posted $3.04 EPS. The company’s revenue was up 10.2% on a year-over-year basis. Research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its board has approved a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. HSBC reduced their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was 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 approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by 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.