Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Kathmere Capital Management LLC

Kathmere Capital Management LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 1st quarter, HoldingsChannel reports. The firm owned 3,073 shares of the software company’s stock after purchasing an additional 58 shares during the period. Kathmere Capital Management LLC’s holdings in Adobe were worth $1,551,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Bamco Inc. NY boosted its holdings in shares of Adobe by 45.0% in the 3rd quarter. Bamco Inc. NY now owns 6,342 shares of the software company’s stock valued at $3,234,000 after buying an additional 1,968 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. purchased a new position in shares of Adobe during the third quarter worth about $617,000. CWA Asset Management Group LLC increased its position in shares of Adobe by 7.0% during the third quarter. CWA Asset Management Group LLC now owns 1,181 shares of the software company’s stock worth $602,000 after purchasing an additional 77 shares in the last quarter. Teza Capital Management LLC increased its position in shares of Adobe by 267.9% during the third quarter. Teza Capital Management LLC now owns 5,537 shares of the software company’s stock worth $2,823,000 after purchasing an additional 4,032 shares in the last quarter. Finally, Ironwood Investment Counsel LLC boosted its position in shares of Adobe by 13.2% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 11,846 shares of the software company’s stock valued at $6,040,000 after purchasing an additional 1,377 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.6 %

Shares of Adobe stock opened at $555.54 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year 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 1.05. The business has a 50 day moving average price of $485.04 and a 200 day moving average price of $535.58. The company has a market capitalization of $246.33 billion, a P/E ratio of 49.91, a P/E/G ratio of 2.85 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.04 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Finally, Mizuho reissued a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Two investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’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 value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the SEC, which can be accessed 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 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. Insiders have sold 28,270 shares of company stock valued at $15,165,916 in the last ninety days. 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.