Adobe Inc. (NASDAQ:ADBE) Shares Bought by W.G. Shaheen & Associates DBA Whitney & Co

W.G. Shaheen & Associates DBA Whitney & Co grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,713 shares of the software company’s stock after buying an additional 168 shares during the period. Adobe accounts for about 1.4% of W.G. Shaheen & Associates DBA Whitney & Co’s investment portfolio, making the stock its 24th biggest holding. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Adobe were worth $13,657,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Swedbank AB boosted its holdings in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares in the last quarter. Arkadios Wealth Advisors boosted its stake in Adobe by 10.7% during the 3rd quarter. Arkadios Wealth Advisors now owns 2,619 shares of the software company’s stock valued at $1,356,000 after purchasing an additional 254 shares in the last quarter. Consolidated Portfolio Review Corp increased its position in shares of Adobe by 5.7% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 651 shares of the software company’s stock valued at $337,000 after purchasing an additional 35 shares during the period. Modera Wealth Management LLC lifted its holdings in shares of Adobe by 2.7% in the third quarter. Modera Wealth Management LLC now owns 20,746 shares of the software company’s stock valued at $10,742,000 after buying an additional 549 shares during the period. Finally, Mattern Capital Management LLC boosted its stake in Adobe by 10.9% during the third quarter. Mattern Capital Management LLC now owns 1,312 shares of the software company’s stock valued at $679,000 after buying an additional 129 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ADBE shares. Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. UBS Group cut their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Adobe Stock Performance

NASDAQ:ADBE opened at $444.32 on Monday. The firm has a market capitalization of $193.41 billion, a PE ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. 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 firm’s fifty day simple moving average is $440.46 and its 200 day simple moving average is $493.88.

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

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. 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.