NewEdge Wealth LLC Acquires 2,297 Shares of Adobe Inc. (NASDAQ:ADBE)

NewEdge Wealth LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 92,111 shares of the software company’s stock after purchasing an additional 2,297 shares during the period. NewEdge Wealth LLC’s holdings in Adobe were worth $40,960,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Nordea Investment Management AB lifted its holdings in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after buying an additional 33,414 shares during the period. Public Sector Pension Investment Board raised its position in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares during the period. Morse Asset Management Inc boosted its holdings in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ADBE shares. Sanford C. Bernstein dropped their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Bank of America dropped their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Stifel Nicolaus cut 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. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Price Performance

ADBE opened at $441.50 on Thursday. The firm’s fifty day moving average price is $439.88 and its two-hundred day moving average price is $492.27. The company has a market capitalization of $192.18 billion, a price-to-earnings ratio of 35.60, a P/E/G ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.52 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. Corporate 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.