Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Providence Capital Advisors LLC

Providence Capital Advisors LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 15,594 shares of the software company’s stock after acquiring an additional 83 shares during the period. Adobe accounts for 1.4% of Providence Capital Advisors LLC’s holdings, making the stock its 22nd biggest holding. Providence Capital Advisors LLC’s holdings in Adobe were worth $6,935,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. 1ST Source Bank boosted its stake in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. Foster Group Inc. boosted its position 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 buying an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC grew its holdings in 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 buying an additional 23 shares in the last quarter. Veery Capital LLC increased its position in Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after acquiring an additional 24 shares during the period. Finally, Cornerstone Wealth Management LLC raised its stake in Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock valued at $590,000 after acquiring an additional 24 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Bank of America cut their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Oppenheimer lowered their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

Adobe Stock Performance

NASDAQ:ADBE opened at $396.15 on Friday. The firm has a market capitalization of $172.49 billion, a PE ratio of 31.95, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. 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 firm’s fifty day simple moving average is $432.69 and its 200 day simple moving average is $471.70.

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