JGP Wealth Management LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

JGP Wealth Management LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 4.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,859 shares of the software company’s stock after acquiring an additional 79 shares during the quarter. JGP Wealth Management LLC’s holdings in Adobe were worth $827,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sienna Gestion increased its stake in Adobe by 0.9% during the 2nd quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock worth $11,902,000 after buying an additional 185 shares in the last quarter. Middleton & Co. Inc. MA increased its position in shares of Adobe by 10.6% during the second quarter. Middleton & Co. Inc. MA now owns 20,623 shares of the software company’s stock worth $11,457,000 after purchasing an additional 1,970 shares in the last quarter. Resolute Capital Asset Partners LLC purchased a new stake in shares of Adobe during the second quarter worth approximately $3,055,000. Intech Investment Management LLC raised its stake in Adobe by 20.1% in the 2nd quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock valued at $23,232,000 after purchasing an additional 6,985 shares during the last quarter. Finally, Brighton Jones LLC lifted its holdings in Adobe by 1.8% in the 2nd quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock valued at $4,514,000 after purchasing an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions 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 stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Up 2.3 %

Shares of NASDAQ ADBE opened at $426.93 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $479.32 and its two-hundred day moving average is $514.33. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The firm has a market cap of $185.84 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on ADBE. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group decreased their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Wells Fargo & Company lowered their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.