Nvest Financial LLC Has $469,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Nvest Financial LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 113.1% during the first quarter, HoldingsChannel reports. The firm owned 929 shares of the software company’s stock after acquiring an additional 493 shares during the quarter. Nvest Financial LLC’s holdings in Adobe were worth $469,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ADBE. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $35,000. Steph & Co. raised its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Vima LLC bought a new position in Adobe during the 4th quarter worth $55,000. Pineridge Advisors LLC bought a new position in Adobe during the 4th quarter worth $60,000. Finally, Scarborough Advisors LLC bought a new position in Adobe during the 4th quarter worth $61,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,270 shares of company stock worth $15,165,916. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.4 %

ADBE stock traded up $7.70 during mid-day trading on Tuesday, reaching $567.71. 2,872,880 shares of the company traded hands, compared to its average volume of 3,580,381. The stock has a market cap of $251.72 billion, a price-to-earnings ratio of 51.12, a P/E/G ratio of 2.90 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s 50 day moving average price is $486.90 and its 200 day moving average price is $534.09.

Adobe (NASDAQ:ADBE) last released its quarterly 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. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. KeyCorp raised their target price on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $607.67.

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.