Accurate Wealth Management LLC Acquires Shares of 2,120 Adobe Inc. (NASDAQ:ADBE)

Accurate Wealth Management LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,120 shares of the software company’s stock, valued at approximately $718,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. VELA Investment Management LLC increased its position in Adobe by 122.2% during the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the period. Bornite Capital Management LP acquired a new position in Adobe during the 1st quarter worth approximately $15,947,000. United Bank increased its position in Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after purchasing an additional 543 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after purchasing an additional 91,328 shares during the period. Finally, Ergoteles LLC increased its position in Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after purchasing an additional 3,860 shares during the period. 79.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Barclays boosted their target price on Adobe from $340.00 to $385.00 in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on Adobe from $365.00 to $380.00 and gave the stock a “neutral” rating in a research report on Thursday. Wells Fargo & Company upped their price target on Adobe from $350.00 to $360.00 and gave the stock an “equal weight” rating in a report on Thursday. Credit Suisse Group upped their price target on Adobe from $325.00 to $350.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Morgan Stanley upped their price target on Adobe from $382.00 to $385.00 and gave the stock an “equal weight” rating in a report on Thursday. Sixteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $415.70.

Insider Buying and Selling

In related news, EVP Dana Rao sold 5,018 shares of the stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the transaction, the executive vice president now directly owns 14,832 shares of the company’s stock, valued at approximately $4,997,345.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Dana Rao sold 5,018 shares of the stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the transaction, the executive vice president now directly owns 14,832 shares of the company’s stock, valued at approximately $4,997,345.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,271 shares in the company, valued at $1,105,598. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,265 shares of company stock valued at $9,067,344. 0.24% of the stock is currently owned by company insiders.

Adobe Trading Up 1.4 %

Shares of Adobe stock traded up $4.85 during trading hours on Friday, reaching $358.14. 6,725,352 shares of the company’s stock were exchanged, compared to its average volume of 3,046,425. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $473.49. The firm has a market capitalization of $164.24 billion, a price-to-earnings ratio of 35.46, a price-to-earnings-growth ratio of 2.08 and a beta of 1.27. The company has a fifty day moving average of $353.24 and a 200-day moving average of $334.18. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The company had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the prior year, the company posted $2.84 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 12.15 EPS for the current fiscal year.

Adobe Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.