Adobe Inc. (NASDAQ:ADBE) Shares Bought by SlateStone Wealth LLC

SlateStone Wealth LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,248 shares of the software company’s stock after acquiring an additional 600 shares during the period. SlateStone Wealth LLC’s holdings in Adobe were worth $3,223,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Nicholas Company Inc. grew its position in shares of Adobe by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 167,764 shares of the software company’s stock worth $74,601,000 after buying an additional 13,434 shares in the last quarter. First National Advisers LLC lifted its stake in Adobe by 23.6% in the fourth quarter. First National Advisers LLC now owns 11,342 shares of the software company’s stock valued at $5,043,000 after buying an additional 2,166 shares during the last quarter. GWN Securities Inc. bought a new stake in Adobe in the fourth quarter valued at $220,000. Glenview Trust co raised its stake in shares of Adobe by 116.1% during the fourth quarter. Glenview Trust co now owns 34,393 shares of the software company’s stock valued at $15,294,000 after purchasing an additional 18,480 shares in the last quarter. Finally, Gallacher Capital Management LLC raised its stake in shares of Adobe by 6.6% during the fourth quarter. Gallacher Capital Management LLC now owns 534 shares of the software company’s stock valued at $237,000 after purchasing an additional 33 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 4.5 %

Shares of NASDAQ:ADBE opened at $394.74 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. 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. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The company has a 50-day moving average price of $437.03 and a 200 day moving average price of $482.06.

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

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ADBE shares. UBS Group dropped their price target on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research note on Thursday. Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

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.