Cambridge Advisors Inc. Buys New Holdings in Adobe Inc. (NASDAQ:ADBE)

Cambridge Advisors Inc. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 400 shares of the software company’s stock, valued at approximately $202,000.

Several other hedge funds have also recently bought and sold shares of ADBE. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $35,000. Steph & Co. raised its position in shares of Adobe by 63.8% in the first 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 acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $55,000. Pineridge Advisors LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research note on Monday, June 10th. Wells Fargo & Company lifted their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, UBS Group decreased their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Price Performance

ADBE stock opened at $555.54 on Friday. The company’s fifty day simple moving average is $485.04 and its 200 day simple moving average is $535.58. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market cap of $246.33 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 2.85 and a beta of 1.27. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the business earned $3.04 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Adobe

In other Adobe news, 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 value 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 approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the company’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 transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’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 sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 over the last three months. Corporate insiders own 0.15% of the company’s stock.

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.