Tradewinds Capital Management LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Tradewinds Capital Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 266.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55 shares of the software company’s stock after purchasing an additional 40 shares during the quarter. Tradewinds Capital Management LLC’s holdings in Adobe were worth $28,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invst LLC raised its holdings in Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. raised its holdings in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC raised its holdings in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management raised its holdings in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares during the last quarter. Finally, Evolution Advisers Inc. raised its holdings in Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $570.15 on Thursday. The stock has a 50-day moving average price of $488.79 and a two-hundred day moving average price of $533.97. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $252.80 billion, a PE ratio of 51.23, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock worth $15,165,916 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADBE shares. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Piper Sandler Companies dropped their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. HSBC dropped their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.