Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Sandbox Financial Partners LLC

Sandbox Financial Partners LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 14.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 581 shares of the software company’s stock after purchasing an additional 75 shares during the quarter. Sandbox Financial Partners LLC’s holdings in Adobe were worth $293,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Barlow Wealth Partners Inc. purchased a new position in Adobe during the fourth quarter worth about $16,700,000. Federated Hermes Inc. raised its stake in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC raised its stake in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the period. Vise Technologies Inc. raised its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the period. Finally, Steph & Co. raised 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 period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $15.92 on Thursday, hitting $544.58. The company’s stock had a trading volume of 2,138,022 shares, compared to its average volume of 3,556,933. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market capitalization of $243.97 billion, a price-to-earnings ratio of 49.00, a price-to-earnings-growth ratio of 2.75 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 50 day moving average of $481.75 and a 200-day moving average of $535.99.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in 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 typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were 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 of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were 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 of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,270 shares of company stock valued at $1,563,166. 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.