Atlantic Edge Private Wealth Management LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Atlantic Edge Private Wealth Management LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,406 shares of the software company’s stock after acquiring an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Adobe were worth $2,404,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Nordea Investment Management AB increased its position in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Morse Asset Management Inc boosted its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Up 4.2 %

ADBE stock opened at $451.10 on Tuesday. The company has a fifty day moving average price of $453.92 and a 200 day moving average price of $499.09. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $626.34. The company has a market cap of $196.36 billion, a price-to-earnings ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.52 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ADBE shares. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.