Palacios Wealth Management LLC Buys Shares of 554 Adobe Inc. (NASDAQ:ADBE)

Palacios Wealth Management LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 554 shares of the software company’s stock, valued at approximately $234,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nordea Investment Management AB grew 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 worth $765,094,000 after buying an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board grew its position in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares in the last quarter. Morse Asset Management Inc grew its position in shares of Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after buying an additional 2,113 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after buying an additional 1,326 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 0.8 %

Shares of ADBE stock opened at $459.22 on Friday. The business’s fifty day moving average price is $449.99 and its 200 day moving average price is $497.68. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $610.33. The firm has a market capitalization of $199.90 billion, a PE ratio of 37.03, a P/E/G 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 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last quarter. Company insiders own 0.15% of the company’s stock.

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.