RWA Wealth Partners LLC Buys 140 Shares of Adobe Inc. (NASDAQ:ADBE)

RWA Wealth Partners LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the fourth quarter, HoldingsChannel reports. The fund owned 6,665 shares of the software company’s stock after acquiring an additional 140 shares during the period. RWA Wealth Partners LLC’s holdings in Adobe were worth $2,964,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. 1ST Source Bank raised its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Foster Group Inc. raised 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 acquiring an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the period. Veery Capital LLC boosted its holdings in Adobe by 1.9% in the fourth 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 last quarter. Finally, Cornerstone Wealth Management LLC increased its position 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 during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Stifel Nicolaus lowered their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $533.85.

Adobe Stock Down 2.6 %

Shares of Adobe stock opened at $385.71 on Monday. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. 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 business’s 50 day simple moving average is $431.81 and its 200 day simple moving average is $468.92. The firm has a market cap of $164.39 billion, a PE ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37.

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

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred 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 owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Insiders own 0.16% 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.