Westwood Holdings Group Inc. Has $3.70 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Westwood Holdings Group Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 117.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,339 shares of the software company’s stock after purchasing an additional 3,967 shares during the period. Westwood Holdings Group Inc.’s holdings in Adobe were worth $3,703,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Evolution Advisers Inc. raised its stake in shares of Adobe by 14.3% in the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after acquiring an additional 17 shares during the period. Sound View Wealth Advisors Group LLC raised its stake in shares of Adobe by 2.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after acquiring an additional 17 shares during the period. Wade G W & Inc. raised its stake in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after acquiring an additional 18 shares during the period. River Street Advisors LLC raised its stake in shares of Adobe by 2.1% in the fourth quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock valued at $564,000 after acquiring an additional 19 shares during the period. Finally, Invst LLC raised its stake in shares of Adobe by 2.1% in the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after acquiring an additional 19 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ADBE shares. Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. KeyCorp raised their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE traded down $20.24 during mid-day trading on Friday, hitting $526.17. The company’s stock had a trading volume of 2,729,113 shares, compared to its average volume of 2,285,513. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market cap of $233.30 billion, a price-to-earnings ratio of 47.27, a PEG ratio of 2.85 and a beta of 1.30. The business’s fifty day moving average is $522.70 and its two-hundred day moving average is $528.43.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.04 earnings per share. Analysts anticipate that Adobe Inc. will post 14.69 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.