VeraBank N.A. Increases Position in Adobe Inc. (NASDAQ:ADBE)

VeraBank N.A. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 39.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 576 shares of the software company’s stock after purchasing an additional 163 shares during the quarter. VeraBank N.A.’s holdings in Adobe were worth $291,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the 4th quarter valued at $35,000. Steph & Co. boosted its stake 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. Finally, LifeSteps Financial Inc. purchased a new stake in shares of Adobe during the first quarter worth $47,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock traded down $1.47 during trading on Wednesday, reaching $564.55. The company’s stock had a trading volume of 2,367,583 shares, compared to its average volume of 3,536,827. The company has a 50-day moving average price of $500.62 and a two-hundred day moving average price of $533.22. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market cap of $250.32 billion, a PE ratio of 50.72, a P/E/G ratio of 3.00 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

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

Analysts Set New Price Targets

Several analysts have issued reports on ADBE shares. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. UBS Group reduced their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Melius Research reissued a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, July 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following 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 90 days, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by corporate insiders.

Adobe 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.