BlackDiamond Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

BlackDiamond Wealth Management LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 779 shares of the software company’s stock after acquiring an additional 27 shares during the quarter. BlackDiamond Wealth Management LLC’s holdings in Adobe were worth $346,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Swedbank AB grew its position in Adobe by 0.3% during 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 during the last quarter. United Bank lifted its stake in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the period. Claro Advisors LLC raised its position in Adobe by 31.2% during the third quarter. Claro Advisors LLC now owns 1,326 shares of the software company’s stock worth $687,000 after acquiring an additional 315 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Adobe by 8.6% during the third quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock worth $44,036,000 after acquiring an additional 6,720 shares during the last quarter. Finally, Glass Wealth Management Co LLC raised its position in Adobe by 5.3% during the third quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock worth $2,928,000 after acquiring an additional 283 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ADBE shares. Mizuho lowered their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Barclays dropped their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $540.60.

Adobe Stock Performance

NASDAQ:ADBE opened at $399.34 on Tuesday. The stock’s 50-day simple moving average is $436.39 and its 200 day simple moving average is $480.30. The firm has a market capitalization of $173.88 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the firm posted $4.48 earnings per share. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.