Richwood Investment Advisors LLC Has $591,000 Position in Adobe Inc. (NASDAQ:ADBE)

Richwood Investment Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 1,329 shares of the software company’s stock after acquiring an additional 140 shares during the period. Richwood Investment Advisors LLC’s holdings in Adobe were worth $591,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in ADBE. Mizuho Markets Cayman LP boosted its position in Adobe by 40.5% in the fourth quarter. Mizuho Markets Cayman LP now owns 1,300 shares of the software company’s stock valued at $578,000 after buying an additional 375 shares in the last quarter. Optimum Investment Advisors boosted its position in Adobe by 3.7% in the fourth quarter. Optimum Investment Advisors now owns 2,791 shares of the software company’s stock valued at $1,241,000 after buying an additional 100 shares in the last quarter. Fortis Capital Management LLC boosted its position in Adobe by 4.5% in the fourth quarter. Fortis Capital Management LLC now owns 9,586 shares of the software company’s stock valued at $4,263,000 after buying an additional 412 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Adobe in the fourth quarter valued at about $81,293,000. Finally, Umpqua Bank boosted its position in Adobe by 5.0% in the fourth quarter. Umpqua Bank now owns 3,218 shares of the software company’s stock valued at $1,328,000 after buying an additional 152 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADBE shares. Wells Fargo & Company reduced their price target 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. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets reduced their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $530.00 target price on shares of Adobe in a research report on Wednesday. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $538.80.

Adobe Stock Down 0.6 %

Adobe stock opened at $387.26 on Friday. The stock has a market capitalization of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a 50 day moving average of $434.16 and a 200-day moving average of $475.80.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations 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 prior year, the company earned $4.48 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on 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 completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

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.