Raab & Moskowitz Asset Management LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Raab & Moskowitz Asset Management LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,846 shares of the software company’s stock, valued at approximately $821,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. CX Institutional raised its stake in shares of Adobe by 4.2% during the third quarter. CX Institutional now owns 2,298 shares of the software company’s stock valued at $1,190,000 after acquiring an additional 93 shares during the last quarter. Creative Planning increased its holdings in Adobe by 34.9% in the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock valued at $84,750,000 after purchasing an additional 42,736 shares during the period. Swedbank AB raised its position in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Magnus Financial Group LLC lifted its holdings in Adobe by 9.2% during the 3rd quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after buying an additional 78 shares during the period. Finally, Petredis Investment Advisors LLC grew its position in shares of Adobe by 0.3% in the 3rd quarter. Petredis Investment Advisors LLC now owns 7,810 shares of the software company’s stock valued at $4,044,000 after buying an additional 24 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. Oppenheimer lowered their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Citigroup reduced their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Royal Bank of Canada cut their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Up 0.9 %

NASDAQ:ADBE opened at $462.76 on Thursday. Adobe Inc. has a one year low of $403.75 and a one year high of $610.33. The company has a market cap of $201.44 billion, a PE ratio of 37.32, a PEG ratio of 2.11 and a beta of 1.31. 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 firm has a 50-day moving average of $451.47 and a 200-day moving average of $497.93.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the company posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

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.