Apollon Wealth Management LLC Purchases 1,403 Shares of Adobe Inc. (NASDAQ:ADBE)

Apollon Wealth Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,731 shares of the software company’s stock after buying an additional 1,403 shares during the quarter. Apollon Wealth Management LLC’s holdings in Adobe were worth $5,661,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter worth $26,000. Piscataqua Savings Bank grew its stake 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 purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC boosted its position in Adobe by 141.7% in the 3rd 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 last quarter. Finally, Briaud Financial Planning Inc bought a new stake in shares of Adobe during the third quarter worth $36,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.5 %

Adobe stock opened at $433.07 on Friday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $628.07. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31. The company’s 50-day moving average is $453.92 and its 200-day moving average is $499.63.

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

Insider Buying and Selling

In related news, 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 value of $403,172.16. Following 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 transaction was disclosed in a filing with the SEC, 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. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADBE. Bank of America dropped their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company reduced their price objective 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. Stifel Nicolaus reduced their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.