Grant Private Wealth Management Inc Purchases New Shares in Adobe Inc. (NASDAQ:ADBE)

Grant Private Wealth Management Inc acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 938 shares of the software company’s stock, valued at approximately $417,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter worth about $26,000. Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter valued at approximately $31,000. Summit Securities Group LLC purchased a new position in shares of Adobe in the 4th quarter valued at approximately $31,000. Caitlin John LLC increased its holdings in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the period. Finally, Mascoma Wealth Management LLC raised its stake in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Adobe stock opened at $385.78 on Thursday. The firm’s 50-day moving average is $428.78 and its two-hundred day moving average is $465.84. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $164.42 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $370.95 and a 12-month high of $587.75.

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

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. Citigroup reduced their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Evercore ISI lowered their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Stifel Nicolaus reduced their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Insider Activity at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by insiders.

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.