Overbrook Management Corp Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Overbrook Management Corp raised its position in Adobe Inc. (NASDAQ:ADBE) by 2,073.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,041 shares of the software company’s stock after purchasing an additional 12,441 shares during the period. Adobe comprises about 1.8% of Overbrook Management Corp’s investment portfolio, making the stock its 22nd largest position. Overbrook Management Corp’s holdings in Adobe were worth $6,580,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Invst LLC boosted its holdings in shares of Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC boosted its holdings in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management increased its stake in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares during the last quarter. Finally, Evolution Advisers Inc. raised its holdings in shares of Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. KeyCorp raised their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Finally, HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Up 3.4 %

NASDAQ ADBE traded up $18.10 during trading on Thursday, reaching $546.76. 4,733,061 shares of the company’s stock were exchanged, compared to its average volume of 3,578,013. The company’s fifty day simple moving average is $481.75 and its 200-day simple moving average is $535.99. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $244.95 billion, a PE ratio of 49.00, a P/E/G ratio of 2.75 and a beta of 1.27. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the business posted $3.04 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has initiated a stock repurchase 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 often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock worth $1,563,166 in the last three months. 0.15% of the stock is owned by insiders.

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.