Personal CFO Solutions LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 4.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,002 shares of the software company’s stock after purchasing an additional 252 shares during the period. Adobe accounts for about 0.7% of Personal CFO Solutions LLC’s investment portfolio, making the stock its 29th biggest holding. Personal CFO Solutions LLC’s holdings in Adobe were worth $3,002,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Change Path LLC lifted its holdings in Adobe by 0.8% in the third quarter. Change Path LLC now owns 2,714 shares of the software company’s stock worth $1,331,000 after acquiring an additional 22 shares during the last quarter. Baystate Wealth Management LLC lifted its holdings in Adobe by 10.5% in the fourth quarter. Baystate Wealth Management LLC now owns 231 shares of the software company’s stock worth $116,000 after acquiring an additional 22 shares during the last quarter. Cobblestone Capital Advisors LLC NY lifted its holdings in Adobe by 2.6% in the fourth quarter. Cobblestone Capital Advisors LLC NY now owns 884 shares of the software company’s stock worth $442,000 after acquiring an additional 22 shares during the last quarter. Procyon Private Wealth Partners LLC lifted its holdings in Adobe by 3.0% in the fourth quarter. Procyon Private Wealth Partners LLC now owns 812 shares of the software company’s stock worth $406,000 after acquiring an additional 24 shares during the last quarter. Finally, West Bancorporation Inc. lifted its holdings in Adobe by 2.7% in the third quarter. West Bancorporation Inc. now owns 962 shares of the software company’s stock worth $472,000 after acquiring an additional 25 shares during the last quarter. Institutional investors and hedge funds own 82.43% of the company’s stock.
A number of brokerages have issued reports on ADBE. Wedbush raised their target price on shares of Adobe from $410.00 to $510.00 and gave the stock a “neutral” rating in a report on Wednesday, February 3rd. The Goldman Sachs Group started coverage on Adobe in a report on Thursday, January 21st. They set a “buy” rating and a $580.00 price target on the stock. Oppenheimer started coverage on Adobe in a report on Friday, December 11th. They set a “buy” rating and a $550.00 price target on the stock. Credit Suisse Group lifted their price target on Adobe from $560.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, December 11th. Finally, Stifel Nicolaus started coverage on Adobe in a report on Friday, January 15th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-two have given a buy rating to the stock. Adobe presently has an average rating of “Buy” and an average price target of $527.42.
Shares of Adobe stock traded down $8.63 on Tuesday, hitting $458.70. 117,052 shares of the company traded hands, compared to its average volume of 2,585,729. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.31. Adobe Inc. has a 12-month low of $255.13 and a 12-month high of $536.88. The company has a 50-day moving average price of $478.42 and a 200 day moving average price of $481.07. The company has a market cap of $220.05 billion, a PE ratio of 43.11, a PEG ratio of 2.55 and a beta of 0.97.
Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 9th. The software company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $0.15. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter in the previous year, the business earned $2.29 EPS. Adobe’s quarterly revenue was up 14.4% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 9.47 EPS for the current year.
Adobe declared that its board has authorized a share buyback program on Thursday, December 10th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the software company to buy up to 6.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Abhay Parasnis sold 4,000 shares of Adobe stock in a transaction on Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total value of $1,996,680.00. Following the completion of the sale, the executive vice president now owns 43,746 shares of the company’s stock, valued at approximately $21,836,690.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 80,907 shares of Adobe stock in a transaction on Monday, January 25th. The shares were sold at an average price of $471.85, for a total transaction of $38,175,967.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,063 shares of company stock valued at $53,715,598. 0.31% of the stock is owned by company insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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