Ballast Advisors LLC Acquires 344 Shares of Adobe Inc. (NASDAQ:ADBE)

Ballast Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 28.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,539 shares of the software company’s stock after buying an additional 344 shares during the quarter. Ballast Advisors LLC’s holdings in Adobe were worth $918,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Rockland Trust Co. increased its holdings in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after buying an additional 44 shares in the last quarter. Mainsail Financial Group LLC increased its holdings in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $4,141,000. Guinness Asset Management LTD grew its stake in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the period. Finally, Dynamic Advisor Solutions LLC grew its stake in shares of Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after purchasing an additional 1,732 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price target on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research note on Thursday, January 18th. Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 2.1 %

Shares of ADBE opened at $474.09 on Monday. The stock has a market capitalization of $212.39 billion, a price-to-earnings ratio of 45.32, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The business’s 50 day simple moving average is $541.84 and its 200-day simple moving average is $568.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for 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 company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.97 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal 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 reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Insiders have sold 3,063 shares of company stock valued at $1,853,025 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

About Adobe

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.