Valeo Financial Advisors LLC Purchases 413 Shares of Adobe Inc. (NASDAQ:ADBE)

Valeo Financial Advisors LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,563 shares of the software company’s stock after buying an additional 413 shares during the period. Valeo Financial Advisors LLC’s holdings in Adobe were worth $2,807,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ADBE. Norges Bank bought a new position in shares of Adobe during the fourth quarter worth about $3,277,785,000. Wellington Management Group LLP raised its position in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Adobe during the fourth quarter worth about $875,592,000. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after acquiring an additional 590,533 shares during the last quarter. Finally, Putnam Investments LLC raised its position in shares of Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after acquiring an additional 307,479 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. Finally, StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Two 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Trading Up 0.4 %

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

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during 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 revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $3.04 EPS. On average, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its board has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now 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 this link. In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.