Raleigh Capital Management Inc. Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Raleigh Capital Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 26.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,060 shares of the software company’s stock after purchasing an additional 224 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Adobe were worth $471,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Adirondack Trust Co. increased its position in shares of Adobe by 4.7% in the fourth quarter. Adirondack Trust Co. now owns 1,084 shares of the software company’s stock valued at $482,000 after buying an additional 49 shares in the last quarter. True North Advisors LLC increased its holdings in Adobe by 30.0% during the 4th quarter. True North Advisors LLC now owns 1,591 shares of the software company’s stock valued at $708,000 after acquiring an additional 367 shares in the last quarter. Daymark Wealth Partners LLC raised its position in Adobe by 77.1% during the fourth quarter. Daymark Wealth Partners LLC now owns 16,187 shares of the software company’s stock worth $7,198,000 after acquiring an additional 7,045 shares during the last quarter. Eagle Wealth Strategies LLC lifted its holdings in shares of Adobe by 6.2% in the fourth quarter. Eagle Wealth Strategies LLC now owns 698 shares of the software company’s stock valued at $310,000 after purchasing an additional 41 shares in the last quarter. Finally, Advisory Alpha LLC grew its position in shares of Adobe by 28.1% in the fourth quarter. Advisory Alpha LLC now owns 725 shares of the software company’s stock valued at $322,000 after purchasing an additional 159 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ADBE shares. BMO Capital Markets reduced their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research report on Monday. Oppenheimer dropped their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Up 0.2 %

Shares of Adobe stock opened at $437.32 on Thursday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The stock has a market cap of $190.37 billion, a price-to-earnings ratio of 35.27, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average price of $471.36 and a 200 day moving average price of $509.54.

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

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 over the last 90 days. Company insiders own 0.15% of the company’s stock.

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.