Alliance Wealth Advisors LLC UT Has $5.95 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Alliance Wealth Advisors LLC UT increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,979 shares of the software company’s stock after acquiring an additional 100 shares during the period. Adobe comprises approximately 2.0% of Alliance Wealth Advisors LLC UT’s portfolio, making the stock its 5th biggest holding. Alliance Wealth Advisors LLC UT’s holdings in Adobe were worth $5,953,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Morgan Stanley grew its holdings 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 purchasing an additional 277,484 shares during the period. Northern Trust Corp grew its holdings in Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after purchasing an additional 202,136 shares during the period. Jennison Associates LLC grew its holdings in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the period. Invesco Ltd. grew its holdings in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares during the period. Finally, Concentrum Wealth Management grew its holdings in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, 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 value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock valued at $137,656 over the last ninety days. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ADBE. Piper Sandler reissued an “overweight” rating and set a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Barclays lowered their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE traded up $4.12 on Friday, reaching $477.56. 2,460,261 shares of the company traded hands, compared to its average volume of 2,815,745. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The business’s 50-day simple moving average is $515.34 and its 200 day simple moving average is $564.33.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $2.97 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

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.