Shorepath Capital Management LLC Takes $3.50 Million Position in Adobe Inc. (NASDAQ:ADBE)

Shorepath Capital Management LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 5,860 shares of the software company’s stock, valued at approximately $3,496,000. Adobe comprises 3.1% of Shorepath Capital Management LLC’s investment portfolio, making the stock its 18th biggest position.

Other hedge funds have also recently modified their holdings of the company. One Charles Private Wealth Services LLC raised its position in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares during the period. Invst LLC raised its position in Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the period. Raleigh Capital Management Inc. raised its position in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC raised its position in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management raised its position in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated 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 directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly 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 Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADBE. Citigroup reduced their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research note on Friday. Piper Sandler Companies dropped their target price 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. Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Finally, BMO Capital Markets upped 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. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $604.35.

Adobe Price Performance

ADBE traded up $66.57 on Friday, reaching $525.31. 14,846,614 shares of the company’s stock were exchanged, compared to its average volume of 3,281,535. The stock has a market cap of $235.34 billion, a PE ratio of 47.20, a P/E/G ratio of 2.48 and a beta of 1.27. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock’s fifty day moving average price is $474.63 and its 200-day moving average price is $540.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 39.98%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.04 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership 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.