Quartz Partners LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Quartz Partners LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,078 shares of the software company’s stock after purchasing an additional 431 shares during the period. Adobe accounts for approximately 1.1% of Quartz Partners LLC’s investment portfolio, making the stock its 22nd biggest holding. Quartz Partners LLC’s holdings in Adobe were worth $1,813,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADBE. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe 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 research report on Friday, January 3rd. Finally, Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Price Performance

Adobe stock opened at $444.32 on Monday. The business has a 50 day simple moving average of $440.46 and a 200-day simple moving average of $493.88. Adobe Inc. has a 12 month low of $403.75 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 stock has a market capitalization of $193.41 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31.

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

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s 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 transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. 0.15% of the stock is currently owned by company insiders.

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.