Lake Street Private Wealth LLC Has $3.37 Million Position in Adobe Inc. (NASDAQ:ADBE)

Lake Street Private Wealth LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,568 shares of the software company’s stock after acquiring an additional 77 shares during the period. Lake Street Private Wealth LLC’s holdings in Adobe were worth $3,365,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. Canoe Financial LP lifted its holdings in shares of Adobe by 1.7% during the 4th quarter. Canoe Financial LP now owns 23,606 shares of the software company’s stock valued at $10,497,000 after buying an additional 400 shares during the last quarter. Dakota Community Bank & Trust NA raised its position in Adobe by 18.1% during the fourth quarter. Dakota Community Bank & Trust NA now owns 228 shares of the software company’s stock valued at $101,000 after acquiring an additional 35 shares in the last quarter. Brooklyn Investment Group lifted its stake in Adobe by 2.2% in the fourth quarter. Brooklyn Investment Group now owns 3,394 shares of the software company’s stock valued at $1,509,000 after acquiring an additional 73 shares during the last quarter. Somerset Trust Co grew its position in Adobe by 14.9% in the fourth quarter. Somerset Trust Co now owns 1,157 shares of the software company’s stock worth $514,000 after acquiring an additional 150 shares in the last quarter. Finally, Merit Financial Group LLC increased its stake in shares of Adobe by 53.2% during the 4th quarter. Merit Financial Group LLC now owns 9,763 shares of the software company’s stock worth $4,341,000 after purchasing an additional 3,389 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

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

Adobe Trading Up 0.7 %

Shares of Adobe stock opened at $429.99 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The company has a 50-day simple moving average of $477.84 and a 200 day simple moving average of $513.73.

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

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Jefferies Financial Group reduced their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Bank of America cut their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.