Shelton Wealth Management LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Shelton Wealth Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 24.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,924 shares of the software company’s stock after buying an additional 381 shares during the quarter. Shelton Wealth Management LLC’s holdings in Adobe were worth $856,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Intech Investment Management LLC raised its position in shares of Adobe by 20.1% during the 2nd quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock worth $23,232,000 after acquiring an additional 6,985 shares in the last quarter. Brighton Jones LLC raised its holdings in Adobe by 1.8% during the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock worth $4,514,000 after purchasing an additional 142 shares in the last quarter. Ieq Capital LLC lifted its position in shares of Adobe by 5.4% during the 2nd quarter. Ieq Capital LLC now owns 50,681 shares of the software company’s stock worth $28,155,000 after buying an additional 2,575 shares during the last quarter. Wealth Advisors of Tampa Bay LLC boosted its holdings in shares of Adobe by 37.8% in the 2nd quarter. Wealth Advisors of Tampa Bay LLC now owns 4,959 shares of the software company’s stock valued at $2,755,000 after buying an additional 1,359 shares in the last quarter. Finally, Promethos Capital LLC grew its position in shares of Adobe by 234.8% in the 2nd quarter. Promethos Capital LLC now owns 7,405 shares of the software company’s stock valued at $4,114,000 after buying an additional 5,193 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. Royal Bank of Canada decreased their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. UBS Group cut their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Up 0.7 %

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

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

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.