LWM Advisory Services LLC Acquires 76 Shares of Adobe Inc. (NASDAQ:ADBE)

LWM Advisory Services LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 644 shares of the software company’s stock after acquiring an additional 76 shares during the period. LWM Advisory Services LLC’s holdings in Adobe were worth $384,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Morgan Stanley raised 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 buying an additional 277,484 shares in the last quarter. Northern Trust Corp lifted its holdings in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares during the last quarter. Jennison Associates LLC boosted its position in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the period. Invesco Ltd. boosted its position in Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $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 last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was 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 owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 96 shares of the business’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 in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293 shares of company stock worth $137,656. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Down 0.9 %

Shares of NASDAQ ADBE traded down $4.49 during midday trading on Monday, reaching $473.07. The company’s stock had a trading volume of 2,953,374 shares, compared to its average volume of 3,491,388. The stock has a 50 day simple moving average of $515.34 and a 200-day simple moving average of $564.66. 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 $211.94 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 2.59 and a beta of 1.28. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the business earned $2.97 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

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