Linscomb & Williams Inc. Buys 129 Shares of Adobe Inc. (NASDAQ:ADBE)

Linscomb & Williams Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,900 shares of the software company’s stock after acquiring an additional 129 shares during the period. Linscomb & Williams Inc.’s holdings in Adobe were worth $2,923,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. HBC Financial Services PLLC bought a new position in shares of Adobe during the third quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. bought a new position in Adobe in the 4th quarter valued at $35,000. Hanseatic Management Services Inc. bought a new position in Adobe in the 3rd quarter valued at $45,000. First Command Advisory Services Inc. purchased a new stake in Adobe in the third quarter worth $52,000. Finally, BKM Wealth Management LLC bought a new stake in shares of Adobe during the fourth quarter worth $65,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADBE. Piper Sandler Companies reduced their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of 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 SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 1.6 %

NASDAQ:ADBE traded down $7.88 during mid-day trading on Friday, hitting $475.43. 3,085,605 shares of the company’s stock traded hands, compared to its average volume of 2,563,092. The company has a fifty day moving average of $486.80 and a 200 day moving average of $555.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a twelve month low of $374.09 and a twelve month high of $638.25. The company has a market capitalization of $212.99 billion, a P/E ratio of 45.45, a P/E/G ratio of 2.62 and a beta of 1.28.

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

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

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.