59 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Wetzel Investment Advisors Inc.

Wetzel Investment Advisors Inc. purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 59 shares of the software company’s stock, valued at approximately $35,000.

Several other institutional investors have also recently made changes to their positions in ADBE. VELA Investment Management LLC boosted its position in shares of Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares during the last quarter. Bornite Capital Management LP bought a new position in Adobe during the 1st quarter valued at $15,947,000. United Bank boosted its holdings in Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after acquiring an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after acquiring an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC raised its holdings in shares of Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after purchasing an additional 3,860 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. Piper Sandler Companies cut their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus dropped their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. reduced their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Trading Down 1.7 %

Shares of Adobe stock opened at $465.02 on Monday. The company’s 50-day moving average price is $527.09 and its 200-day moving average price is $566.68. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a market cap of $208.33 billion, a price-to-earnings ratio of 44.46, a PEG ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.97 EPS. On average, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

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

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,075 shares of company stock valued at $1,848,418. Company 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.