Adobe Inc. (NASDAQ:ADBE) Shares Purchased by AllSquare Wealth Management LLC

AllSquare Wealth Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 145.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 316 shares of the software company’s stock after buying an additional 187 shares during the period. AllSquare Wealth Management LLC’s holdings in Adobe were worth $141,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. 1ST Source Bank increased its stake in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the last quarter. Foster Group Inc. grew its holdings in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its position in shares of Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after purchasing an additional 23 shares during the last quarter. Veery Capital LLC lifted its position in shares of Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after purchasing an additional 24 shares during the last quarter. Finally, Cornerstone Wealth Management LLC grew its stake in Adobe by 1.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after purchasing an additional 24 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Stifel Nicolaus dropped their price target on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company reduced their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated 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 transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last three months. 0.16% of the stock is currently owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $389.61 on Friday. The company has a 50-day moving average of $434.53 and a 200-day moving average of $477.76. The firm has a market cap of $169.64 billion, a price-to-earnings ratio of 31.42, a price-to-earnings-growth 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. Adobe Inc. has a twelve month low of $374.50 and a twelve month 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 for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the firm posted $4.48 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.