Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Greenwich Wealth Management LLC

Greenwich Wealth Management LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 6.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,085 shares of the software company’s stock after purchasing an additional 118 shares during the period. Greenwich Wealth Management LLC’s holdings in Adobe were worth $927,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the third quarter valued at about $26,000. Groupama Asset Managment increased its holdings in shares of 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 purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter valued at about $30,000. True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe during the fourth quarter worth about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $394.74 on Friday. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a market cap of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business’s 50 day moving average price is $437.03 and its 200 day moving average price is $482.06.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the business posted $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. UBS Group dropped their target price on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a report on Thursday. Piper Sandler dropped 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. Stifel Nicolaus dropped their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Finally, Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $540.60.

About Adobe

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.