Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 991 shares of the software company’s stock after acquiring an additional 39 shares during the period. Prestige Wealth Management Group LLC’s holdings in Adobe were worth $441,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter worth $26,000. Groupama Asset Managment increased its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. True Wealth Design LLC increased its position in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the fourth quarter worth about $31,000. Finally, Caitlin John LLC lifted its position in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $394.47 on Tuesday. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The firm’s 50-day moving average price is $433.88 and its two-hundred day moving average price is $473.88. 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 stock has a market capitalization of $171.75 billion, a price-to-earnings ratio of 31.81, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations 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 EPS. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a 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 note on Thursday, March 13th. Redburn Atlantic began coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. DA Davidson cut their target price 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. Finally, KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $538.80.

Insider Buying and Selling

In related news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % 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 worth $2,191,826 in the last 90 days. Corporate insiders own 0.16% of the company’s stock.

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.