Cwm LLC Has $17.62 Million Position in Adobe Inc. (NASDAQ:ADBE)

Cwm LLC grew its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 26.7% during the fourth quarter, HoldingsChannel reports. The firm owned 29,538 shares of the software company’s stock after buying an additional 6,219 shares during the quarter. Cwm LLC’s holdings in Adobe were worth $17,623,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC bought a new position in Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC bought a new position in Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates increased its stake in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter valued at $29,000. Finally, Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter valued at $35,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADBE. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Finally, HSBC reduced their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Check Out Our Latest Research Report on ADBE

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $465.02 on Monday. The company’s 50-day moving average is $527.09 and its 200 day moving average is $566.68. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $208.33 billion, a P/E ratio of 44.46, a price-to-earnings-growth ratio of 2.52 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:ADBEGet Free Report) 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 company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.97 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

About Adobe

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEFree Report).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.