J. W. Coons Advisors LLC Buys 46 Shares of Adobe Inc. (NASDAQ:ADBE)

J. W. Coons Advisors LLC lifted its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 2.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,843 shares of the software company’s stock after acquiring an additional 46 shares during the period. J. W. Coons Advisors LLC’s holdings in Adobe were worth $1,100,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter worth $35,000. Hanseatic Management Services Inc. purchased a new position in Adobe during the 3rd quarter worth $45,000. BKM Wealth Management LLC purchased a new position in Adobe during the 4th quarter worth $65,000. First United Bank & Trust acquired a new position in Adobe during the 4th quarter valued at about $74,000. Finally, Fortitude Family Office LLC purchased a new stake in Adobe in the fourth quarter valued at about $75,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction 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 approximately $10,014,370.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ADBE shares. Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Friday. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $612.79.

Read Our Latest Report on ADBE

Adobe Stock Up 1.6 %

Adobe stock opened at $465.43 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $208.51 billion, a PE ratio of 44.50, a price-to-earnings-growth ratio of 2.47 and a beta of 1.27. The business has a 50 day simple moving average of $476.71 and a 200-day simple moving average of $546.22. Adobe Inc. has a 12 month low of $423.58 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during 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%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.97 EPS. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a share buyback program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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