Waycross Partners LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Waycross Partners LLC lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 100.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,000 shares of the software company's stock after buying an additional 2,000 shares during the period. Waycross Partners LLC's holdings in Adobe were worth $2,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the 4th quarter worth $35,000. BluePath Capital Management LLC purchased a new position in shares of Adobe in the 3rd quarter worth $39,000. Hanseatic Management Services Inc. bought a new position in Adobe in the 3rd quarter worth $45,000. Finally, Hoey Investments Inc. raised its holdings in Adobe by 526.7% in the 3rd quarter. Hoey Investments Inc. now owns 94 shares of the software company's stock worth $48,000 after purchasing an additional 79 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 2.2 %

NASDAQ ADBE traded down $10.24 during trading hours on Tuesday, hitting $462.83. 3,221,321 shares of the company were exchanged, compared to its average volume of 3,488,144. The stock has a 50-day moving average price of $512.29 and a 200 day moving average price of $563.44. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market cap of $207.35 billion, a PE ratio of 44.25, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts' expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.97 earnings per share. Analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler Companies decreased their target price on Adobe from $705.00 to $700.00 and set an "overweight" rating on the stock in a report on Friday, March 15th. JPMorgan Chase & Co. decreased their target price on Adobe from $600.00 to $570.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. KeyCorp began coverage on Adobe in a report on Thursday, March 21st. They issued an "underweight" rating and a $445.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI restated an "outperform" rating and issued a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $620.72.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the company's stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following 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 is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the business's stock in a transaction that occurred on 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business'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 value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company's stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock valued at $137,656. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.