CFM Wealth Partners LLC Acquires 1,860 Shares of Adobe Inc. (NASDAQ:ADBE)

CFM Wealth Partners LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 213.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,730 shares of the software company’s stock after purchasing an additional 1,860 shares during the quarter. CFM Wealth Partners LLC’s holdings in Adobe were worth $1,378,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. One Charles Private Wealth Services LLC raised its stake in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC lifted its holdings in shares of Adobe by 1.9% during the third 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. grew 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 valued at $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC raised its position in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its stake in shares of 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 acquiring an additional 17 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,270 shares of company stock valued at $1,563,166. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.3 %

ADBE traded up $1.78 during trading on Wednesday, hitting $528.66. The company’s stock had a trading volume of 2,931,138 shares, compared to its average volume of 3,568,557. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $236.84 billion, a PE ratio of 47.50, a PEG ratio of 2.75 and a beta of 1.27. The firm’s 50 day moving average price is $480.67 and its 200-day moving average price is $536.04. 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 (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the business posted $3.04 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has initiated a stock repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research report on Saturday. Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.