LVW Advisors LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

LVW Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 29.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,214 shares of the software company’s stock after buying an additional 278 shares during the quarter. LVW Advisors LLC’s holdings in Adobe were worth $466,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Copia Wealth Management bought a new stake in Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $31,000. Caitlin John LLC lifted its stake in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the 4th quarter valued at about $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADBE. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Evercore ISI lowered their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. BMO Capital Markets lowered their price target on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Finally, Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Adobe Stock Down 2.8%

Adobe stock opened at $403.40 on Tuesday. The firm has a market cap of $171.93 billion, a price-to-earnings ratio of 32.53, a PEG ratio of 2.15 and a beta of 1.55. The stock has a fifty day simple moving average of $379.21 and a two-hundred day simple moving average of $426.57. 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.

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

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Adobe Company 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.