Register Financial Advisors LLC Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

Register Financial Advisors LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, HoldingsChannel reports. The firm acquired 220 shares of the software company’s stock, valued at approximately $111,000.

Several other institutional investors have also bought and sold shares of ADBE. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth $3,277,785,000. Wellington Management Group LLP increased its holdings in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. International Assets Investment Management LLC bought a new position in shares of Adobe in the fourth quarter worth $875,592,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after purchasing an additional 590,533 shares during the period. Finally, Putnam Investments LLC increased its holdings in shares of Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after purchasing an additional 307,479 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Melius Research reissued a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. KeyCorp increased their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Sanford C. Bernstein increased their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Finally, Piper Sandler reissued an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Up 1.6 %

ADBE traded up $8.78 on Friday, hitting $555.54. The company had a trading volume of 5,077,912 shares, compared to its average volume of 3,590,147. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a fifty day simple moving average of $485.04 and a 200-day simple moving average of $535.58. The firm has a market capitalization of $248.88 billion, a P/E ratio of 49.91, a P/E/G ratio of 2.76 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $5.29 billion. During the same period last year, the business posted $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Adobe

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 shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now 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 related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’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 transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 28,270 shares of company stock valued at $15,165,916. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.