Independent Advisor Alliance Acquires 7,963 Shares of Adobe Inc. (NASDAQ:ADBE)

Independent Advisor Alliance grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 42.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,661 shares of the software company’s stock after purchasing an additional 7,963 shares during the quarter. Independent Advisor Alliance’s holdings in Adobe were worth $11,855,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the third quarter worth about $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the third quarter worth about $30,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Adobe in the fourth quarter worth about $31,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent analyst reports. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company lowered their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday. Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Mizuho lowered their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $563.96.

Insider Transactions at Adobe

In related news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on 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 owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 3.2 %

Shares of Adobe stock opened at $435.08 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The stock has a market capitalization of $189.44 billion, a price-to-earnings ratio of 35.09, a P/E/G ratio of 2.15 and a beta of 1.37. The company’s 50 day moving average price is $439.35 and its 200-day moving average price is $485.74.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the business earned $3.52 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. Equities research analysts forecast 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.