Evanson Asset Management LLC Purchases 3,400 Shares of Adobe Inc. (NASDAQ:ADBE)

Evanson Asset Management LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 317.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,472 shares of the software company’s stock after buying an additional 3,400 shares during the quarter. Evanson Asset Management LLC’s holdings in Adobe were worth $1,988,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ADBE. Piscataqua Savings Bank lifted its position in Adobe by 226.7% during the 3rd 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 period. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter worth approximately $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC grew its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.7 %

Shares of ADBE stock opened at $429.99 on Monday. The firm’s fifty day moving average price is $476.55 and its two-hundred day moving average price is $512.44. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The firm has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Stifel Nicolaus cut their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein cut their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Citigroup reduced their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is owned by insiders.

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.