Raymond James & Associates Has $262.67 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Raymond James & Associates trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 520,552 shares of the software company's stock after selling 38,492 shares during the period. Raymond James & Associates owned approximately 0.12% of Adobe worth $262,670,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Secure Asset Management LLC raised its holdings in Adobe by 4.1% during the 3rd quarter. Secure Asset Management LLC now owns 529 shares of the software company's stock worth $270,000 after buying an additional 21 shares during the period. Oak Thistle LLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $472,000. Warren Street Wealth Advisors LLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $235,000. Blue Fin Capital Inc. grew its stake in shares of Adobe by 1.5% during the 3rd quarter. Blue Fin Capital Inc. now owns 8,303 shares of the software company's stock worth $4,234,000 after acquiring an additional 124 shares in the last quarter. Finally, Aaron Wealth Advisors LLC grew its stake in shares of Adobe by 1.3% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,435 shares of the software company's stock worth $732,000 after acquiring an additional 19 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the business's stock in a transaction dated Thursday, April 25th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the business's stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company's stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated 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 in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock valued at $137,656 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE traded up $4.12 during midday trading on Friday, reaching $477.56. 2,460,261 shares of the stock were exchanged, compared to its average volume of 2,815,745. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $213.95 billion, a P/E ratio of 45.66, a PEG ratio of 2.59 and a beta of 1.28. The stock's 50 day simple moving average is $515.34 and its 200 day simple moving average is $564.66.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts' consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The company's revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently weighed in on ADBE. Royal Bank of Canada reaffirmed an "outperform" rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $625.00 and set a "buy" rating for the company in a research note on Friday, March 15th. DA Davidson reaffirmed a "buy" rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Piper Sandler Companies decreased their target price on shares of Adobe from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, March 15th. Finally, BNP Paribas cut shares of Adobe from a "neutral" rating to an "underperform" rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $620.72.

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.

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