AMI Asset Management Corp Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,896 shares of the software company’s stock after buying an additional 2,453 shares during the period. Adobe comprises 2.3% of AMI Asset Management Corp’s investment portfolio, making the stock its 19th largest holding. AMI Asset Management Corp’s holdings in Adobe were worth $45,361,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Barlow Wealth Partners Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at $16,700,000. Federated Hermes Inc. boosted 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 acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC increased its holdings 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 during the last quarter. Vise Technologies Inc. raised 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 worth $4,635,000 after acquiring an additional 5,654 shares in the last quarter. Finally, Steph & Co. lifted 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 purchasing an additional 30 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred 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 owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock valued at $15,165,916 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.4 %

Shares of NASDAQ:ADBE traded up $2.44 during midday trading on Thursday, hitting $570.15. 1,664,373 shares of the company’s stock traded hands, compared to its average volume of 4,552,269. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $252.80 billion, a PE ratio of 51.23, a P/E/G ratio of 2.96 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 firm’s fifty day moving average price is $490.66 and its two-hundred day moving average price is $534.23.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during 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%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $3.04 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has initiated a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ADBE shares. Melius Research reiterated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Barclays upped their price target on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Finally, Bank of America reduced their target price 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 research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company 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.