Sunburst Financial Group LLC Purchases 31 Shares of Adobe Inc. (NASDAQ:ADBE)

Sunburst Financial Group LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 427 shares of the software company’s stock after purchasing an additional 31 shares during the period. Sunburst Financial Group LLC’s holdings in Adobe were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Norges Bank bought a new position in Adobe during the fourth quarter valued at $3,277,785,000. Wellington Management Group LLP grew its holdings in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. International Assets Investment Management LLC bought a new position in Adobe during the fourth quarter valued at $875,592,000. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 10.0% during the fourth 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 acquiring an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC lifted its position in shares of Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after acquiring an additional 307,479 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 1.0 %

Shares of NASDAQ:ADBE traded up $5.34 on Friday, reaching $552.10. 1,601,818 shares of the company traded hands, compared to its average volume of 3,561,236. The business’s 50-day simple moving average is $481.75 and its 200 day simple moving average is $535.99. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market capitalization of $247.34 billion, a P/E ratio of 49.63, a price-to-earnings-growth ratio of 2.76 and a beta of 1.27. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $3.04 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. BMO Capital Markets increased their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

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.