Collective Family Office LLC Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Collective Family Office LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 21.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 502 shares of the software company’s stock after acquiring an additional 88 shares during the quarter. Collective Family Office LLC’s holdings in Adobe were worth $253,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Stokes Family Office LLC raised its stake in shares of Adobe by 17.2% in the third quarter. Stokes Family Office LLC now owns 551 shares of the software company’s stock worth $281,000 after buying an additional 81 shares during the period. Bison Wealth LLC bought a new position in Adobe in the 3rd quarter worth $599,000. Pinkerton Retirement Specialists LLC bought a new stake in Adobe during the third quarter valued at about $284,000. Acadian Asset Management LLC boosted its stake in Adobe by 33.5% in the 3rd quarter. Acadian Asset Management LLC now owns 140,746 shares of the software company’s stock worth $71,749,000 after purchasing an additional 35,308 shares during the period. Finally, Regal Investment Advisors LLC grew its holdings in shares of Adobe by 11.5% in the third quarter. Regal Investment Advisors LLC now owns 1,212 shares of the software company’s stock valued at $618,000 after purchasing an additional 125 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was 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 of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’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 completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 3,270 shares of company stock valued at $1,563,166 over the last ninety days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. HSBC dropped their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Oppenheimer restated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Finally, Melius Research reiterated a “hold” rating and set a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Performance

ADBE opened at $522.95 on Friday. The company has a market cap of $234.28 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 2.73 and a beta of 1.27. The firm’s fifty day simple moving average is $477.39 and its two-hundred day simple moving average is $538.58. The company has a quick ratio of 1.05, 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.

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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the company posted $3.04 EPS. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.68 earnings per share for the current fiscal year.

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

Adobe Company 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.