Portfolio Design Labs LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Portfolio Design Labs LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 28.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,078 shares of the software company’s stock after acquiring an additional 1,127 shares during the period. Portfolio Design Labs LLC’s holdings in Adobe were worth $2,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Sound Income Strategies LLC raised its stake in Adobe by 27.1% in the 3rd quarter. Sound Income Strategies LLC now owns 253 shares of the software company’s stock worth $131,000 after acquiring an additional 54 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its position in Adobe by 5.1% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock worth $265,000 after purchasing an additional 25 shares during the period. Stablepoint Partners LLC grew its position in Adobe by 4.7% during the 3rd quarter. Stablepoint Partners LLC now owns 1,515 shares of the software company’s stock worth $784,000 after purchasing an additional 68 shares during the period. Fiduciary Alliance LLC grew its position in Adobe by 10.8% during the 3rd quarter. Fiduciary Alliance LLC now owns 583 shares of the software company’s stock worth $302,000 after purchasing an additional 57 shares during the period. Finally, CX Institutional grew its position in Adobe by 4.2% during the 3rd quarter. CX Institutional now owns 2,298 shares of the software company’s stock worth $1,190,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 1.7 %

ADBE stock opened at $458.82 on Wednesday. The firm has a market cap of $199.72 billion, a PE ratio of 37.00, a PEG ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm’s 50 day moving average price is $452.62 and its 200-day moving average price is $498.52. Adobe Inc. has a one year low of $403.75 and a one year high of $626.34.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.52 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last quarter. 0.15% of the stock is owned by company insiders.

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.