Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Canopy Partners LLC

Canopy Partners LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,283 shares of the software company’s stock after acquiring an additional 108 shares during the period. Canopy Partners LLC’s holdings in Adobe were worth $571,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Nordea Investment Management AB boosted its stake in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after buying an additional 1,326 shares during the last quarter. M. Kraus & Co acquired a new position in shares of Adobe in the fourth quarter valued at approximately $3,285,000. Finally, Silicon Valley Capital Partners lifted its stake in shares of Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after buying an additional 236 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of the 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 transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Mizuho dropped their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, UBS Group set a $495.00 target price on shares of Adobe in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

Adobe Trading Down 5.0 %

NASDAQ ADBE opened at $349.07 on Monday. The stock has a market cap of $148.77 billion, a P/E ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The company’s fifty day simple moving average is $425.66 and its 200-day simple moving average is $463.29. 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 52 week low of $333.36 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the business posted $4.48 EPS. Equities research analysts predict 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.