Pines Wealth Management LLC Makes New $768,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Pines Wealth Management LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,892 shares of the software company’s stock, valued at approximately $768,000.

Other hedge funds also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in Adobe in the 3rd quarter valued at $26,000. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the third quarter valued at about $30,000. True Wealth Design LLC lifted its stake in shares of Adobe by 141.7% in 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 period. Finally, Briaud Financial Planning Inc acquired a new stake in Adobe during the third quarter worth about $36,000. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 sold a total of 1,763 shares of company stock valued at $893,665 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Jefferies Financial Group lowered their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $575.85.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $412.71 on Wednesday. The business has a fifty day moving average of $481.07 and a 200-day moving average of $515.02. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The firm has a market cap of $181.67 billion, a PE ratio of 33.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. The company’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 16.73 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.