Adobe Inc. (NASDAQ:ADBE) Shares Bought by Absher Wealth Management LLC

Absher Wealth Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 74.3% during the 4th quarter, HoldingsChannel reports. The firm owned 4,393 shares of the software company’s stock after buying an additional 1,872 shares during the quarter. Absher Wealth Management LLC’s holdings in Adobe were worth $1,953,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Czech National Bank increased its holdings in shares of Adobe by 5.8% during the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after purchasing an additional 4,954 shares during the period. Miracle Mile Advisors LLC increased its stake in Adobe by 10.8% during the 3rd quarter. Miracle Mile Advisors LLC now owns 1,577 shares of the software company’s stock valued at $817,000 after buying an additional 154 shares during the period. Axiom Advisory LLC raised its position in shares of Adobe by 9.3% during the 3rd quarter. Axiom Advisory LLC now owns 1,728 shares of the software company’s stock worth $948,000 after buying an additional 147 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its stake in shares of Adobe by 0.4% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 10,514 shares of the software company’s stock worth $5,444,000 after acquiring an additional 42 shares during the period. Finally, Country Trust Bank boosted its holdings in shares of Adobe by 8.6% in the third quarter. Country Trust Bank now owns 75,194 shares of the software company’s stock valued at $38,934,000 after acquiring an additional 5,949 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 0.6 %

Shares of NASDAQ:ADBE opened at $437.63 on Thursday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. The firm has a fifty day moving average price of $458.66 and a 200 day moving average price of $501.38. 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 stock has a market capitalization of $190.50 billion, a PE ratio of 35.29, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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%. During the same quarter in the prior year, the firm posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were 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 owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 value 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 approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Wells Fargo & Company dropped their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $573.00.

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.