Modern Wealth Management LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Modern Wealth Management LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,880 shares of the software company’s stock after buying an additional 443 shares during the period. Modern Wealth Management LLC’s holdings in Adobe were worth $2,653,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Proficio Capital Partners LLC lifted its holdings in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. FMR LLC raised its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Adobe during the fourth quarter worth about $243,827,000. Assenagon Asset Management S.A. boosted its position in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after buying an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd acquired a new stake in shares of Adobe in the fourth quarter valued at about $110,744,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. UBS Group set a $495.00 price target on shares of Adobe in a research note on Thursday, March 13th. Oppenheimer dropped their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $538.80.

Insider Buying and Selling at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, 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. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $403.64 on Wednesday. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $175.75 billion, a price-to-earnings ratio of 32.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The business has a 50 day simple moving average of $433.70 and a 200 day simple moving average of $472.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. On average, equities research 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.