Segment Wealth Management LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Segment Wealth Management LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,254 shares of the software company’s stock after purchasing an additional 85 shares during the quarter. Segment Wealth Management LLC’s holdings in Adobe were worth $1,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Perpetual Ltd grew its stake in shares of Adobe by 4.2% during the fourth quarter. Perpetual Ltd now owns 176,737 shares of the software company’s stock valued at $78,591,000 after acquiring an additional 7,043 shares in the last quarter. Solidarity Wealth LLC lifted its stake in Adobe by 0.3% during the fourth quarter. Solidarity Wealth LLC now owns 16,254 shares of the software company’s stock worth $7,228,000 after purchasing an additional 48 shares during the last quarter. Aspiriant LLC raised its stake in Adobe by 5.8% during the fourth quarter. Aspiriant LLC now owns 2,450 shares of the software company’s stock worth $1,089,000 after acquiring an additional 134 shares during the period. Royal Fund Management LLC grew its stake in Adobe by 1.0% during the 4th quarter. Royal Fund Management LLC now owns 5,533 shares of the software company’s stock worth $2,460,000 after buying an additional 53 shares during the last quarter. Finally, Sugar Maple Asset Management LLC acquired a new stake in shares of Adobe in the 4th quarter worth about $127,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $429.99 on Tuesday. The firm has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The firm has a 50 day moving average of $476.55 and a 200-day moving average of $512.03. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the business earned $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,763 shares of company stock worth $893,665. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company reduced their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.