Raleigh Capital Management Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE) (2024)

Raleigh Capital Management Inc. increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 11.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 622 shares of the software company’s stock after buying an additional 63 shares during the period. Raleigh Capital Management Inc.’s holdings in Adobe were worth $371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Adobe during the 4th quarter worth approximately $3,277,785,000. International Assets Investment Management LLC acquired a new stake in Adobe during the 4th quarter worth $875,592,000. Invesco Ltd. grew its holdings in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC raised its holdings in Adobe by 41.2% in the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after acquiring an additional 307,479 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction 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 transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction 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 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. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on ADBE shares. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets raised their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus dropped their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Wells Fargo & Company increased their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $604.35.

Get Our Latest Report on ADBE

Adobe Trading Up 14.5 %

NASDAQ:ADBE opened at $525.31 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market cap of $235.34 billion, a P/E ratio of 47.20, a P/E/G ratio of 2.48 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50-day simple moving average of $474.63 and a 200-day simple moving average of $541.20.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.04 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

About Adobe

(Free Report)

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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