Chapin Davis Inc. Acquires 50 Shares of Adobe Inc. (NASDAQ:ADBE)

Chapin Davis Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 12.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 456 shares of the software company’s stock after buying an additional 50 shares during the quarter. Chapin Davis Inc.’s holdings in Adobe were worth $230,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $35,000. Steph & Co. boosted its holdings 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 purchasing an additional 30 shares during the period. Vima LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $55,000. Pineridge Advisors LLC purchased a new stake in Adobe during the fourth quarter worth $60,000. Finally, Scarborough Advisors LLC purchased a new stake in Adobe during the fourth quarter worth $61,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Citigroup reduced their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Stifel Nicolaus reduced their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Trading Up 0.8 %

ADBE stock opened at $560.01 on Tuesday. The company’s 50-day simple moving average is $485.04 and its 200-day simple moving average is $534.27. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a market cap of $248.31 billion, a P/E ratio of 50.32, a PEG ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued 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. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company posted $3.04 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by corporate insiders.

Adobe Profile

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.