Adobe Inc. (NASDAQ:ADBE) Shares Bought by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,632 shares of the software company’s stock after buying an additional 223 shares during the period. Boomfish Wealth Group LLC’s holdings in Adobe were worth $2,060,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Onyx Bridge Wealth Group LLC grew its stake in shares of Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. grew its position in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after buying an additional 20 shares during the last quarter. 1ST Source Bank raised its position in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the last quarter. James J. Burns & Company LLC raised its position in Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after buying an additional 22 shares during the last quarter. Finally, Holistic Financial Partners boosted its holdings in shares of Adobe by 6.0% in the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several analyst reports. Barclays cut their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Bank of America reduced their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BMO Capital Markets dropped their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Price Performance

Adobe stock opened at $446.00 on Friday. The firm has a fifty day moving average of $464.63 and a 200-day moving average of $505.15. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $194.14 billion, a P/E ratio of 35.97, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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 company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company posted $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is owned by company 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.