Processus Wealth & Capital Management LLC Invests $2.36 Million in Adobe Inc. (NASDAQ:ADBE)

Processus Wealth & Capital Management LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,958 shares of the software company’s stock, valued at approximately $2,361,000. Adobe accounts for 2.4% of Processus Wealth & Capital Management LLC’s portfolio, making the stock its 20th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Wetzel Investment Advisors Inc. purchased a new stake in Adobe during the fourth quarter worth about $35,000. Hanseatic Management Services Inc. purchased a new stake in Adobe during the third quarter worth about $45,000. Vima LLC purchased a new stake in Adobe during the fourth quarter worth about $55,000. Pineridge Advisors LLC purchased a new stake in Adobe during the fourth quarter worth about $60,000. Finally, Scarborough Advisors LLC purchased a new stake in Adobe during the fourth quarter worth about $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Barclays upped their price target on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday. Bank of America reduced their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, Citigroup reduced their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $605.17.

Adobe Stock Performance

Shares of ADBE stock opened at $525.31 on Monday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a 50 day moving average price of $474.63 and a 200 day moving average price of $540.09. The firm has a market capitalization of $235.34 billion, a price-to-earnings ratio of 47.20, a price-to-earnings-growth ratio of 2.84 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The company had revenue of $5.31 billion during 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. Sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized 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 repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.