Dash Acquisitions Inc. Buys 1,070 Shares of Adobe Inc. (NASDAQ:ADBE)

Dash Acquisitions Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,581 shares of the software company’s stock after acquiring an additional 1,070 shares during the quarter. Adobe makes up approximately 3.1% of Dash Acquisitions Inc.’s holdings, making the stock its 15th largest holding. Dash Acquisitions Inc.’s holdings in Adobe were worth $9,765,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Waverly Advisors LLC lifted its holdings in Adobe by 49.6% during the 3rd quarter. Waverly Advisors LLC now owns 1,146 shares of the software company’s stock worth $584,000 after buying an additional 380 shares in the last quarter. Truist Financial Corp lifted its holdings in Adobe by 18.8% during the 3rd quarter. Truist Financial Corp now owns 241,903 shares of the software company’s stock worth $123,346,000 after buying an additional 38,352 shares in the last quarter. Axxcess Wealth Management LLC lifted its holdings in Adobe by 40.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 20,474 shares of the software company’s stock worth $10,440,000 after buying an additional 5,870 shares in the last quarter. AXQ Capital LP acquired a new position in Adobe during the 3rd quarter worth $1,122,000. Finally, Alkeon Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth $152,970,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 1.4 %

Shares of Adobe stock traded up $7.70 during trading hours on Tuesday, reaching $567.71. 2,872,765 shares of the company’s stock were exchanged, compared to its average volume of 3,580,365. The company has a 50 day moving average of $486.90 and a two-hundred day moving average of $534.09. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $251.72 billion, a P/E ratio of 51.12, a P/E/G ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the business posted $3.04 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. KeyCorp upped their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the company from $570.00 to $580.00 in a research report on Friday, June 14th. 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. Finally, Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Two investment 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were 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 directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,270 shares of company stock worth $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.