Commonwealth Equity Services LLC Has $77.76 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Commonwealth Equity Services LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 174,856 shares of the software company’s stock after purchasing an additional 8,227 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Adobe were worth $77,755,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter valued at about $26,000. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC grew its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the last quarter. Briaud Financial Planning Inc bought a new position in Adobe in the 3rd quarter valued at about $36,000. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe during the fourth quarter worth approximately $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. BMO Capital Markets decreased their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday. Evercore ISI decreased their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, UBS Group dropped their price objective on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $539.46.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $377.84 on Friday. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $164.51 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.37. The firm has a 50 day simple moving average of $437.74 and a 200 day simple moving average of $483.80.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 business posted $4.48 EPS. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’s 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 sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, 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 shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.15% of the company’s stock.

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.