Adobe Inc. (NASDAQ:ADBE) Holdings Lifted by Biondo Investment Advisors LLC

Biondo Investment Advisors LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,225 shares of the software company’s stock after buying an additional 738 shares during the period. Adobe accounts for 2.2% of Biondo Investment Advisors LLC’s investment portfolio, making the stock its 10th biggest holding. Biondo Investment Advisors LLC’s holdings in Adobe were worth $16,108,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment grew its stake in Adobe by 28.8% in the 3rd 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. True Wealth Design LLC increased its position in shares of Adobe by 141.7% during the 3rd 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 last quarter. Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the 4th quarter worth $31,000. Finally, Caitlin John LLC grew its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was bought 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 in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last ninety days. Insiders own 0.16% of the company’s stock.

Adobe Stock Down 2.6 %

Shares of NASDAQ:ADBE opened at $385.71 on Friday. The firm has a fifty day moving average of $431.81 and a 200 day moving average of $470.42. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. 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 firm has a market capitalization of $167.94 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research note on Wednesday, March 19th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Bank of America lowered their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Finally, Mizuho cut their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

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.