RD Lewis Holdings Inc. Invests $248,000 in Adobe Inc. (NASDAQ:ADBE)

RD Lewis Holdings Inc. purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 573 shares of the software company’s stock, valued at approximately $248,000.

A number of other hedge funds have also modified their holdings of the company. Haven Capital Group Inc. bought a new position in shares of Adobe during the fourth quarter worth about $3,268,000. BlackDiamond Wealth Management LLC grew its holdings in shares of Adobe by 3.6% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 779 shares of the software company’s stock worth $346,000 after buying an additional 27 shares in the last quarter. Edgemoor Investment Advisors Inc. bought a new position in shares of Adobe during the fourth quarter worth about $1,159,000. Terra Alpha Investments LLC bought a new position in shares of Adobe during the fourth quarter worth about $1,786,000. Finally, Cibc World Markets Corp grew its holdings in shares of Adobe by 13.4% during the fourth quarter. Cibc World Markets Corp now owns 79,220 shares of the software company’s stock worth $35,228,000 after buying an additional 9,350 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction 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 transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Robert W. Baird reduced their target price on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Stifel Nicolaus dropped their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Mizuho dropped their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.60.

Adobe Trading Up 1.2 %

NASDAQ ADBE opened at $399.34 on Tuesday. The business’s 50-day moving average price is $436.39 and its two-hundred day moving average price is $480.30. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The firm has a market capitalization of $173.88 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 business earned $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.