Connecticut Wealth Management LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Connecticut Wealth Management LLC grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 145.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,225 shares of the software company's stock after buying an additional 3,094 shares during the period. Connecticut Wealth Management LLC's holdings in Adobe were worth $3,117,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Pinnacle West Asset Management Inc. boosted its position in shares of Adobe by 8.3% in the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company's stock worth $602,000 after purchasing an additional 90 shares during the last quarter. SevenBridge Financial Group LLC grew its position in shares of Adobe by 29.7% during the 3rd quarter. SevenBridge Financial Group LLC now owns 633 shares of the software company's stock worth $323,000 after buying an additional 145 shares during the period. Sage Mountain Advisors LLC increased its stake in shares of Adobe by 14.9% in the 3rd quarter. Sage Mountain Advisors LLC now owns 2,668 shares of the software company's stock valued at $1,360,000 after acquiring an additional 345 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in shares of Adobe by 4.7% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 59,657 shares of the software company's stock valued at $30,419,000 after acquiring an additional 2,678 shares during the period. Finally, OLD Second National Bank of Aurora boosted its stake in Adobe by 0.6% during the 3rd quarter. OLD Second National Bank of Aurora now owns 4,185 shares of the software company's stock worth $2,134,000 after acquiring an additional 23 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of ADBE stock traded up $9.61 on Friday, reaching $486.18. The stock had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The firm has a market capitalization of $217.81 billion, a price-to-earnings ratio of 46.48, a P/E/G ratio of 2.58 and a beta of 1.28. The firm's 50-day moving average is $508.34 and its two-hundred day moving average is $561.74. 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 (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.97 earnings per share. On average, research analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company's stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the company's stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm's stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company's stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADBE. Robert W. Baird cut their target price on shares of Adobe from $590.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They issued an "underweight" rating and a $445.00 target price for the company. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a "buy" rating on the stock in a report on Friday, March 15th. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an "outperform" rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets restated an "outperform" rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target 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.