Trifecta Capital Advisors LLC Buys 412 Shares of Adobe Inc. (NASDAQ:ADBE)

Trifecta Capital Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% in the first quarter, Holdings Channel.com reports. The fund owned 8,407 shares of the software company’s stock after acquiring an additional 412 shares during the quarter. Adobe makes up approximately 1.0% of Trifecta Capital Advisors LLC’s investment portfolio, making the stock its 29th biggest position. Trifecta Capital Advisors LLC’s holdings in Adobe were worth $4,242,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Barlow Wealth Partners Inc. acquired a new stake in Adobe during the fourth quarter worth approximately $16,700,000. Federated Hermes Inc. grew its position in shares of Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC increased its stake in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares in the last quarter. Vise Technologies Inc. lifted its position in shares of Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after acquiring an additional 5,654 shares during the period. Finally, Steph & Co. boosted its stake in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADBE shares. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. KeyCorp upped their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. BMO Capital Markets raised their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Friday, June 14th. Finally, Sanford C. Bernstein lifted their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’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 sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock valued at $15,165,916 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE traded up $8.78 on Friday, reaching $555.54. 5,084,543 shares of the company’s stock were exchanged, compared to its average volume of 4,723,748. The firm has a market cap of $246.33 billion, a price-to-earnings ratio of 49.91, a P/E/G ratio of 2.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The stock has a fifty day simple moving average of $485.04 and a 200-day simple moving average of $535.58. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the prior year, the company posted $3.04 EPS. Adobe’s revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 earnings per share for the current 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 buy up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership 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.