Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Broderick Brian C

Broderick Brian C increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 103.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,103 shares of the software company’s stock after acquiring an additional 2,091 shares during the period. Broderick Brian C’s holdings in Adobe were worth $2,070,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Invst LLC grew its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. grew its position in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the period. Lantz Financial LLC grew its position in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the period. B & T Capital Management DBA Alpha Capital Management grew its position in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares during the period. Finally, Evolution Advisers Inc. grew its position in shares of Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after acquiring an additional 17 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’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 of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,270 shares of company stock valued at $15,165,916. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.2 %

Shares of Adobe stock traded down $6.92 during trading on Thursday, hitting $557.63. 3,189,218 shares of the stock were exchanged, compared to its average volume of 3,534,196. The stock has a market cap of $247.25 billion, a price-to-earnings ratio of 50.10, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The firm’s 50-day moving average price is $502.24 and its 200 day moving average price is $533.39. 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.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 in the previous year, the company earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADBE shares. Citigroup decreased their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Sanford C. Bernstein raised their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $607.67.

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.