Everpar Advisors LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Everpar Advisors LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,761 shares of the software company's stock, valued at approximately $1,647,000. Adobe comprises approximately 0.8% of Everpar Advisors LLC's portfolio, making the stock its 21st biggest holding.

Other large investors have also modified their holdings of the company. Concentrum Wealth Management raised its stake in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company's stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $875,592,000. Invesco Ltd. raised its position in shares of Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company's stock valued at $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Jennison Associates LLC increased its holdings in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company's stock valued at $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC acquired a new stake in Adobe during the third quarter valued at approximately $152,970,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.8 %

ADBE traded down $4.17 during trading on Wednesday, reaching $488.10. 2,164,807 shares of the stock traded hands, compared to its average volume of 3,417,364. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock's 50-day simple moving average is $505.80 and its two-hundred day simple moving average is $561.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $218.67 billion, a price-to-earnings ratio of 46.66, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during 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 quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 EPS. As a group, equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has approved a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase 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.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Adobe 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 transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Mizuho reiterated a "buy" rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Barclays lowered their target price on shares of Adobe from $700.00 to $630.00 and set an "overweight" rating for the company in a research note on Friday, March 15th. Evercore ISI restated an "outperform" rating and issued a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Robert W. Baird lowered their price objective on shares of Adobe from $590.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, March 15th. Finally, JPMorgan Chase & Co. decreased their target price on Adobe from $600.00 to $570.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $620.72.

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.

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