Triad Wealth Partners LLC Makes New $307,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Triad Wealth Partners LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 690 shares of the software company’s stock, valued at approximately $307,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Swedbank AB raised its holdings in shares of 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 acquiring an additional 3,739 shares in the last quarter. Catalyst Capital Advisors LLC raised its holdings in shares of Adobe by 20.3% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 516 shares of the software company’s stock worth $267,000 after acquiring an additional 87 shares in the last quarter. Pittenger & Anderson Inc. raised its holdings in shares of Adobe by 7.3% during the 3rd quarter. Pittenger & Anderson Inc. now owns 3,005 shares of the software company’s stock worth $1,556,000 after acquiring an additional 205 shares in the last quarter. HF Advisory Group LLC raised its holdings in shares of Adobe by 2.8% during the 3rd quarter. HF Advisory Group LLC now owns 2,796 shares of the software company’s stock worth $1,448,000 after acquiring an additional 76 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC raised its holdings in shares of Adobe by 11.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 2,000 shares of the software company’s stock worth $1,036,000 after acquiring an additional 198 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE opened at $451.24 on Thursday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The business’s fifty day simple moving average is $439.61 and its 200-day simple moving average is $488.77. The company has a market capitalization of $196.42 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the company earned $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADBE. Citigroup decreased their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. BMO Capital Markets decreased their price target on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. UBS Group decreased their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insider Activity at Adobe

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