Redmont Wealth Advisors LLC Makes New $86,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Redmont Wealth Advisors LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 171 shares of the software company’s stock, valued at approximately $86,000.

Several other large investors have also recently made changes to their positions in the business. Invst LLC raised its stake in shares of Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares in the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC grew its holdings in shares of Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management grew its holdings in shares of Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after purchasing an additional 17 shares during the last quarter. Finally, Evolution Advisers Inc. grew its holdings in shares of Adobe by 14.3% in the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ADBE. Stifel Nicolaus cut their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Robert W. Baird raised their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Sanford C. Bernstein lifted their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Finally, StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Two 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. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Performance

NASDAQ:ADBE traded up $2.44 during mid-day trading on Wednesday, reaching $570.15. The company’s stock had a trading volume of 1,664,349 shares, compared to its average volume of 3,566,709. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm’s fifty day moving average price is $488.79 and its two-hundred day moving average price is $533.97. 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 $252.80 billion, a P/E ratio of 50.85, a PEG ratio of 2.90 and a beta of 1.30.

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

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

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the business’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 completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock valued at $15,165,916 in the last quarter. 0.15% of the stock is currently owned by insiders.

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.