GWN Securities Inc. Invests $220,000 in Adobe Inc. (NASDAQ:ADBE)

GWN Securities Inc. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 505 shares of the software company’s stock, valued at approximately $220,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Glenview Trust co boosted its position in shares of Adobe by 116.1% during the fourth quarter. Glenview Trust co now owns 34,393 shares of the software company’s stock worth $15,294,000 after buying an additional 18,480 shares during the period. Gallacher Capital Management LLC raised its holdings in Adobe by 6.6% during the fourth quarter. Gallacher Capital Management LLC now owns 534 shares of the software company’s stock worth $237,000 after purchasing an additional 33 shares in the last quarter. Sovereign Investment Advisors LLC bought a new stake in Adobe during the fourth quarter worth approximately $414,000. Harbour Investments Inc. raised its holdings in Adobe by 1.8% during the fourth quarter. Harbour Investments Inc. now owns 3,457 shares of the software company’s stock worth $1,537,000 after purchasing an additional 60 shares in the last quarter. Finally, Greenwich Wealth Management LLC raised its holdings in Adobe by 6.0% during the fourth quarter. Greenwich Wealth Management LLC now owns 2,085 shares of the software company’s stock worth $927,000 after purchasing an additional 118 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.2 %

Adobe stock opened at $399.34 on Tuesday. 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 company has a market capitalization of $173.88 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company’s fifty day moving average price is $436.39 and its two-hundred day moving average price is $480.30.

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

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 over the last three months. 0.16% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Bank of America dropped their target price on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada dropped their target price on Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $540.60.

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.