Elevated Capital Advisors LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Elevated Capital Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,098 shares of the software company’s stock after acquiring an additional 511 shares during the period. Elevated Capital Advisors LLC’s holdings in Adobe were worth $1,378,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Adobe by 12.2% during the 3rd 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 period. GAMMA Investing LLC raised its position in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Finally, Morse Asset Management Inc boosted its position in shares of Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Adobe stock traded up $2.58 during midday trading on Monday, reaching $408.50. 4,307,166 shares of the stock traded hands, compared to its average volume of 4,066,798. The stock has a market cap of $179.82 billion, a P/E ratio of 32.94, a PEG ratio of 2.51 and a beta of 1.31. The stock’s fifty day moving average is $484.01 and its 200-day moving average is $517.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 16.73 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on ADBE. Mizuho lowered their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Citigroup decreased their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have given 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 an average target price of $575.85.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock worth $1,679,809 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Company 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.