Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 83.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,106 shares of the software company’s stock after purchasing an additional 503 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Adobe were worth $558,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. Invst LLC lifted its holdings in shares of Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. lifted its holdings in shares of Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares in the last quarter. Lantz Financial LLC lifted its holdings in shares of Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management lifted its holdings in shares of Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares in the last quarter. Finally, Evolution Advisers Inc. lifted its holdings in shares of Adobe by 14.3% in the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after purchasing an additional 17 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 96 shares of Adobe 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 in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was 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 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 sold a total of 28,270 shares of company stock worth $15,165,916 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. UBS Group cut their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Monday, June 10th. Finally, Oppenheimer reissued an “outperform” rating and set a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Up 1.6 %

NASDAQ ADBE opened at $555.54 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The firm has a 50-day simple moving average of $485.04 and a 200 day simple moving average of $534.27. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $246.33 billion, a PE ratio of 49.91, a PEG ratio of 2.90 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released 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. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $3.04 earnings per share. On average, research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

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.