Platform Technology Partners Acquires 38 Shares of Adobe Inc. (NASDAQ:ADBE)

Platform Technology Partners boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 672 shares of the software company’s stock after purchasing an additional 38 shares during the quarter. Platform Technology Partners’ holdings in Adobe were worth $299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the third quarter worth $26,000. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc bought a new stake in shares of Adobe in the third quarter valued at about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $433.07 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $455.58 and its 200-day moving average is $500.48. The firm has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.