Freedom Investment Management Inc. Has $1.88 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Freedom Investment Management Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 16.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,219 shares of the software company’s stock after acquiring an additional 584 shares during the quarter. Freedom Investment Management Inc.’s holdings in Adobe were worth $1,876,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $31,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the fourth quarter valued at $31,000. Caitlin John LLC lifted its stake in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the last quarter. Avion Wealth grew its stake in Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after buying an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC raised its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after acquiring an additional 50 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Stock Performance

ADBE opened at $348.80 on Friday. The company has a market cap of $148.66 billion, a price-to-earnings ratio of 28.13, a PEG ratio of 2.15 and a beta of 1.49. The company’s fifty day moving average price is $405.74 and its two-hundred day moving average price is $451.49. Adobe Inc. has a 1-year low of $332.01 and a 1-year 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.

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ADBE shares. Stifel Nicolaus lowered their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company decreased their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Bank of America cut their target price on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Robert W. Baird decreased their target price 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. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $513.27.

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.