Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lifted by Sound Income Strategies LLC

Sound Income Strategies LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 71.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 390 shares of the software company’s stock after purchasing an additional 163 shares during the quarter. Sound Income Strategies LLC’s holdings in Adobe were worth $197,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Morgan Stanley increased its stake in Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the period. Price T Rowe Associates Inc. MD increased its stake in 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 valued at $3,876,309,000 after acquiring an additional 590,533 shares during the period. Norges Bank bought a new position in Adobe during the fourth quarter valued at about $3,277,785,000. Fisher Asset Management LLC increased its stake in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after acquiring an additional 66,180 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.3 %

Shares of NASDAQ ADBE traded up $1.78 during mid-day trading on Wednesday, hitting $528.66. The company had a trading volume of 2,931,138 shares, compared to its average volume of 3,568,557. The company has a market capitalization of $236.84 billion, a PE ratio of 47.50, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27. The firm has a 50-day simple moving average of $480.67 and a two-hundred day simple moving average of $536.04. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate 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%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.04 EPS. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. Sanford C. Bernstein upped their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,270 shares of company stock worth $1,563,166. 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.