Adobe Inc. (NASDAQ:ADBE) Shares Bought by Balboa Wealth Partners

Balboa Wealth Partners raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,321 shares of the software company’s stock after purchasing an additional 407 shares during the period. Balboa Wealth Partners’ holdings in Adobe were worth $2,366,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB raised its position in shares of Adobe by 2.0% during the 4th 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. Arizona State Retirement System raised its position in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Public Sector Pension Investment Board raised its position 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 valued at $10,005,000 after acquiring an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position 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 valued at $60,779,000 after acquiring an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc grew its stake in 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 buying an additional 2,113 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $563.96.

Adobe Trading Up 1.1 %

Shares of NASDAQ ADBE opened at $438.60 on Thursday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The company has a market cap of $190.97 billion, a price-to-earnings ratio of 35.37, a P/E/G ratio of 2.15 and a beta of 1.37. 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 business has a fifty day simple moving average of $439.01 and a 200-day simple moving average of $484.54.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The stock was 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 of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. Insiders own 0.15% of the company’s stock.

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.