StoneCrest Wealth Management Inc. Invests $455,000 in Adobe Inc. (NASDAQ:ADBE)

StoneCrest Wealth Management Inc. bought a new position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 763 shares of the software company’s stock, valued at approximately $455,000.

A number of other hedge funds also recently modified their holdings of ADBE. One Charles Private Wealth Services LLC grew its holdings in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC lifted its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. lifted its position in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the period. Lantz Financial LLC lifted its position in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management raised its holdings in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock worth $5,340,250 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 0.7 %

Adobe stock traded down $3.40 on Monday, hitting $501.20. 762,781 shares of the stock traded hands, compared to its average volume of 3,633,178. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $226.82 billion, a P/E ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.29. The business’s fifty day simple moving average is $567.63 and its 200 day simple moving average is $570.53. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe declared that its board has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ADBE shares. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Robert W. Baird reduced their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus lowered their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Check Out Our Latest Report on Adobe

Adobe Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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