TruWealth Advisors LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

TruWealth Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,437 shares of the software company’s stock after purchasing an additional 108 shares during the quarter. TruWealth Advisors LLC’s holdings in Adobe were worth $551,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Financial Management Professionals Inc. lifted its holdings in Adobe by 74.3% during the first quarter. Financial Management Professionals Inc. now owns 190 shares of the software company’s stock valued at $73,000 after purchasing an additional 81 shares during the last quarter. Teamwork Financial Advisors LLC purchased a new stake in Adobe during the first quarter valued at about $2,131,000. Alpha Wealth Funds LLC purchased a new stake in Adobe during the first quarter valued at about $959,000. Apella Capital LLC lifted its holdings in Adobe by 62.5% during the first quarter. Apella Capital LLC now owns 1,139 shares of the software company’s stock valued at $415,000 after purchasing an additional 438 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its holdings in Adobe by 1,088.4% during the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 511 shares of the software company’s stock valued at $196,000 after purchasing an additional 468 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.16% of the company’s stock.

Adobe Trading Up 2.3%

Shares of ADBE opened at $412.49 on Wednesday. The firm’s 50 day simple moving average is $379.54 and its 200 day simple moving average is $426.47. The company has a market capitalization of $175.80 billion, a P/E ratio of 33.27, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

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

Analyst Ratings Changes

Several research firms have commented on ADBE. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Wells Fargo & Company dropped their price objective on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group lowered their price target 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. Finally, JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $502.88.

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.