NewEdge Advisors LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

NewEdge Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,519 shares of the software company’s stock after purchasing an additional 1,983 shares during the period. NewEdge Advisors LLC’s holdings in Adobe were worth $18,018,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Resurgent Financial Advisors LLC grew its stake in shares of Adobe by 13.6% during the fourth quarter. Resurgent Financial Advisors LLC now owns 860 shares of the software company’s stock valued at $382,000 after buying an additional 103 shares during the last quarter. Finward Bancorp purchased a new stake in Adobe during the 4th quarter valued at about $376,000. Gamco Investors INC. ET AL boosted its holdings in Adobe by 3.0% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,678 shares of the software company’s stock valued at $746,000 after acquiring an additional 49 shares during the period. Gabelli Funds LLC grew its position in Adobe by 0.4% during the 4th quarter. Gabelli Funds LLC now owns 21,500 shares of the software company’s stock worth $9,561,000 after acquiring an additional 95 shares during the last quarter. Finally, Montag & Caldwell LLC increased its stake in Adobe by 17.5% in the 4th quarter. Montag & Caldwell LLC now owns 25,986 shares of the software company’s stock worth $11,555,000 after purchasing an additional 3,870 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent analyst reports. Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Robert W. Baird cut their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Royal Bank of Canada cut their target price on Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, BMO Capital Markets reduced their price target on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday. Eleven equities research analysts have rated the stock with 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $513.27.

Adobe Trading Down 1.8 %

Adobe stock opened at $344.19 on Thursday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s fifty day simple moving average is $407.79 and its two-hundred day simple moving average is $452.66. The company has a market capitalization of $146.69 billion, a price-to-earnings ratio of 27.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the firm posted $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of Adobe 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 in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Insiders own 0.16% of the company’s stock.

Adobe 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.