Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 16.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 39,913 shares of the software company’s stock after acquiring an additional 5,692 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Adobe were worth $17,749,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ADBE. 1ST Source Bank grew its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. Holistic Financial Partners boosted its position in shares of Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after purchasing an additional 22 shares during the last quarter. Foster Group Inc. grew its stake in shares of Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after purchasing an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC increased its holdings in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares during the last quarter. Finally, Veery Capital LLC lifted its stake in Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ADBE shares. Wells Fargo & Company cut their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. UBS Group reduced their price target on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research report on Thursday. Royal Bank of Canada lowered their price objective on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $540.60.

Adobe Price Performance

Shares of ADBE opened at $394.74 on Monday. The company has a market cap of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $437.03 and its 200 day simple moving average is $481.50. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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 represents a 11.06 % decrease in their position. 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 0.16% 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.