Edgemoor Investment Advisors Inc. Acquires New Position in Adobe Inc. (NASDAQ:ADBE)

Edgemoor Investment Advisors Inc. purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,607 shares of the software company’s stock, valued at approximately $1,159,000.

Other institutional investors have also recently made changes to their positions in the company. 1ST Source Bank grew its stake in Adobe by 0.7% during the third 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 in the last quarter. Holistic Financial Partners boosted its stake in shares of Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. Foster Group Inc. raised its holdings in Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC raised its holdings in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after buying an additional 23 shares during the last quarter. Finally, Veery Capital LLC raised its holdings in Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. KeyCorp lowered their price target on shares of Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a report on Thursday. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Oppenheimer lowered their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe 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, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $540.60.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Up 4.5 %

Shares of ADBE opened at $394.74 on Monday. 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 Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The stock’s 50 day moving average is $437.03 and its two-hundred day moving average is $481.50. The firm has a market cap of $171.87 billion, a P/E ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the business posted $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company Profile

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.