Naviter Wealth LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Naviter Wealth LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 20.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,208 shares of the software company’s stock after buying an additional 706 shares during the quarter. Naviter Wealth LLC’s holdings in Adobe were worth $2,123,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. Norges Bank purchased a new position in shares of Adobe in the fourth quarter worth approximately $3,277,785,000. Wellington Management Group LLP boosted its stake in shares of Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Adobe during the 4th quarter valued at $875,592,000. Price T Rowe Associates Inc. MD increased its stake in shares of Adobe by 10.0% in the 4th 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 in the last quarter. Finally, Putnam Investments LLC raised its holdings in Adobe by 41.2% in the 4th 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. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.4 %

ADBE stock traded up $7.70 during mid-day trading on Tuesday, reaching $567.71. 2,872,880 shares of the stock traded hands, compared to its average volume of 3,580,381. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market capitalization of $251.72 billion, a PE ratio of 51.12, a PEG ratio of 2.90 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The business has a 50-day moving average price of $486.90 and a two-hundred day moving average price of $534.09.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.04 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Finally, Wells Fargo & Company increased their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two equities research 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were 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 in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders sold 28,270 shares of company stock valued at $15,165,916. Insiders own 0.15% of the company’s stock.

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.