Concurrent Investment Advisors LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Concurrent Investment Advisors LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,243 shares of the software company’s stock after purchasing an additional 90 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Adobe were worth $1,887,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe in the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter worth $30,000. True Wealth Design LLC lifted its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Briaud Financial Planning Inc purchased a new stake in Adobe in the 3rd quarter worth $36,000. Finally, Decker Retirement Planning Inc. purchased a new stake in Adobe in the 4th quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $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 quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $444.32 on Friday. The stock has a market cap of $193.41 billion, a price-to-earnings ratio of 35.83, a price-to-earnings-growth ratio of 2.21 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The firm has a 50-day moving average of $440.46 and a two-hundred day moving average of $494.16.

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

Analysts Set New Price Targets

Several analysts have commented on the stock. Barclays decreased their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets reduced their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a report on Wednesday. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

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.