MONECO Advisors LLC Purchases 3,877 Shares of Adobe Inc. (NASDAQ:ADBE)

MONECO Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 659.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,465 shares of the software company’s stock after buying an additional 3,877 shares during the period. MONECO Advisors LLC’s holdings in Adobe were worth $2,664,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter worth about $35,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe in the 3rd quarter worth approximately $45,000. Vima LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $55,000. Pineridge Advisors LLC bought a new position in shares of Adobe during the 4th quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC purchased a new stake in Adobe during the 4th quarter valued at $61,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $518.74 on Tuesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $232.40 billion, a P/E ratio of 46.61, a P/E/G ratio of 2.84 and a beta of 1.27. 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’s 50-day moving average is $475.32 and its two-hundred day moving average is $539.44.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the firm earned $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ADBE. Citigroup cut their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. 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. HSBC reduced their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Sanford C. Bernstein increased their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $607.67.

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.