Valley Wealth Managers Inc. Has $499,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Valley Wealth Managers Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 41.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 988 shares of the software company’s stock after purchasing an additional 288 shares during the quarter. Valley Wealth Managers Inc.’s holdings in Adobe were worth $499,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Barlow Wealth Partners Inc. acquired a new position in Adobe during the fourth quarter worth about $16,700,000. Federated Hermes Inc. increased its position in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC increased its position in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the period. Vise Technologies Inc. increased its position in Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the period. Finally, Steph & Co. increased its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.7 %

ADBE traded down $4.14 during trading on Thursday, hitting $560.41. 1,720,093 shares of the stock were exchanged, compared to its average volume of 3,523,072. The firm has a 50 day simple moving average of $500.62 and a 200 day simple moving average of $533.22. The firm has a market cap of $248.49 billion, a price-to-earnings ratio of 50.60, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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 business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $3.04 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has initiated a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related 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 value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, 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. In the last three months, insiders sold 28,270 shares of company stock worth $15,165,916. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on ADBE. TD Cowen cut their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. KeyCorp increased their price target on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Oppenheimer reaffirmed an “outperform” rating and set a $580.00 target price 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 report on Monday, June 10th. Finally, DA Davidson reissued a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.