JGP Wealth Management LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

JGP Wealth Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 4.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,859 shares of the software company’s stock after buying an additional 79 shares during the period. JGP Wealth Management LLC’s holdings in Adobe were worth $827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the third quarter valued at approximately $26,000. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC increased its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Finally, Briaud Financial Planning Inc bought a new stake in shares of Adobe in the third quarter valued at about $36,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,763 shares of company stock worth $893,665. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 2.3 %

Adobe stock opened at $426.93 on Friday. The stock has a 50-day moving average price of $479.32 and a 200 day moving average price of $514.33. The company has a market capitalization of $185.84 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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 business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the firm earned $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Barclays dropped their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets dropped their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe 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.