Adobe Inc. (NASDAQ:ADBE) Stake Boosted by Wellington Shields & Co. LLC

Wellington Shields & Co. LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 4.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,196 shares of the software company’s stock after purchasing an additional 47 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Adobe were worth $532,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ADBE. Swedbank AB increased its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares in the last quarter. United Bank boosted its position in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. MQS Management LLC acquired a new stake in Adobe during the 3rd quarter worth about $234,000. Curi RMB Capital LLC boosted its position in Adobe by 2.2% during the 3rd quarter. Curi RMB Capital LLC now owns 17,983 shares of the software company’s stock worth $9,311,000 after acquiring an additional 385 shares during the period. Finally, Lifeworks Advisors LLC boosted its position in Adobe by 4.1% during the 3rd quarter. Lifeworks Advisors LLC now owns 664 shares of the software company’s stock worth $344,000 after acquiring an additional 26 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on ADBE shares. Wells Fargo & Company decreased their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. BMO Capital Markets decreased their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday. Royal Bank of Canada decreased their price objective on Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday. Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $539.46.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $394.74 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $437.03 and its two-hundred day moving average is $482.65. The company has a market cap of $171.87 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business posted $4.48 EPS. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. Company insiders own 0.16% of the company’s stock.

Adobe 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.