Pilgrim Partners Asia Pte Ltd Invests $98,000 in Adobe Inc. (NASDAQ:ADBE)

Pilgrim Partners Asia Pte Ltd bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 220 shares of the software company’s stock, valued at approximately $98,000.

Other large investors have also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $26,000. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter worth approximately $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Caitlin John LLC grew its position in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the period. Finally, Mascoma Wealth Management LLC increased its stake in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after acquiring an additional 50 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. DA Davidson cut their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company cut their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now 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 SEC, which is available at this link. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 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.

Adobe Stock Down 5.0 %

Adobe stock opened at $349.07 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $148.77 billion, a P/E ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. The firm has a 50 day moving average price of $425.66 and a 200-day moving average price of $463.96. Adobe Inc. has a twelve month low of $348.80 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company earned $4.48 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.