Congress Park Capital LLC Buys 232 Shares of Adobe Inc. (NASDAQ:ADBE)

Congress Park Capital LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 4.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,598 shares of the software company’s stock after buying an additional 232 shares during the period. Adobe makes up about 1.6% of Congress Park Capital LLC’s investment portfolio, making the stock its 16th largest holding. Congress Park Capital LLC’s holdings in Adobe were worth $3,340,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe in the 3rd quarter worth $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter worth $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter worth $29,000. Finally, Halpern Financial Inc. increased its holdings in shares of Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of NASDAQ:ADBE opened at $504.60 on Monday. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a market capitalization of $226.06 billion, a PE ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. The business has a 50 day moving average of $567.63 and a two-hundred day moving average of $570.42. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 earnings per share. As a group, analysts forecast that Adobe Inc. will post 14.57 EPS for the current 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.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Get Our Latest Analysis on Adobe

Insider Buying and Selling

In related news, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is owned by corporate insiders.

Adobe Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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