First Affirmative Financial Network Has $891,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

First Affirmative Financial Network raised its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 2.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,766 shares of the software company’s stock after acquiring an additional 50 shares during the quarter. Adobe makes up about 0.7% of First Affirmative Financial Network’s portfolio, making the stock its 25th largest holding. First Affirmative Financial Network’s holdings in Adobe were worth $891,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the fourth quarter worth $35,000. Hanseatic Management Services Inc. acquired a new stake in shares of Adobe during the third quarter worth $45,000. Vima LLC acquired a new stake in shares of Adobe during the fourth quarter worth $55,000. Pineridge Advisors LLC acquired a new stake in shares of Adobe during the fourth quarter worth $60,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Adobe during the fourth quarter worth $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE traded up $10.49 during trading hours on Friday, reaching $533.44. 6,614,086 shares of the company were exchanged, compared to its average volume of 4,373,285. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business’s 50 day simple moving average is $478.58 and its 200-day simple moving average is $538.08. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $238.98 billion, a P/E ratio of 47.93, a P/E/G ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the company posted $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

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

Insider Buying and Selling

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,270 shares of company stock worth $1,563,166. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 target price on shares of Adobe in a research note on Friday, June 14th. Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. BMO Capital Markets increased their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Piper Sandler reissued an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Friday, June 14th. Finally, Bank of America cut their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Read Our Latest Analysis on Adobe

About Adobe

(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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