Riverwater Partners LLC Has $370,000 Position in Adobe Inc. (NASDAQ:ADBE)

Riverwater Partners LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 31.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 831 shares of the software company’s stock after buying an additional 199 shares during the quarter. Riverwater Partners LLC’s holdings in Adobe were worth $370,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Nordea Investment Management AB lifted its stake in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Arizona State Retirement System raised its position in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after purchasing an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares in the last quarter. M. Kraus & Co bought a new stake in shares of Adobe during the fourth quarter worth about $3,285,000. Finally, Silicon Valley Capital Partners increased its stake in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after buying an additional 236 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $349.07 on Friday. The company has a market cap of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The company’s fifty day moving average price is $425.66 and its two-hundred day moving average price is $463.96. Adobe Inc. has a 1-year low of $348.80 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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 analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group reduced their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Stifel Nicolaus lowered their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Eleven equities research 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $531.54.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase 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, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated 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 owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by corporate insiders.

About Adobe

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.