Prestige Wealth Management Group LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Prestige Wealth Management Group LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 991 shares of the software company’s stock after purchasing an additional 39 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Adobe were worth $441,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. United Bank increased its position in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in shares of Adobe by 13.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock valued at $8,330,000 after buying an additional 2,052 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of Adobe by 1.2% during the third quarter. Penserra Capital Management LLC now owns 4,570 shares of the software company’s stock worth $2,365,000 after buying an additional 54 shares in the last quarter. Larson Financial Group LLC grew its holdings in Adobe by 105.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock worth $570,000 after acquiring an additional 564 shares in the last quarter. Finally, Centaurus Financial Inc. raised its stake in shares of Adobe by 5.4% in the 3rd quarter. Centaurus Financial Inc. now owns 2,681 shares of the software company’s stock valued at $1,388,000 after purchasing an additional 137 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. BMO Capital Markets lowered their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Mizuho cut their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company lowered their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Eleven 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’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Adobe Stock Up 1.9 %

ADBE stock opened at $394.47 on Tuesday. The firm has a market cap of $171.75 billion, a PE ratio of 31.81, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. 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 firm has a 50 day simple moving average of $433.88 and a 200 day simple moving average of $473.88.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping 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 last year, the company posted $4.48 EPS. Equities research 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, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. 0.16% of the stock is currently owned by company insiders.

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.