CGN Advisors LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

CGN Advisors LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, Holdings Channel.com reports. The fund bought 2,683 shares of the software company’s stock, valued at approximately $1,193,000.

Several other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. lifted its stake in shares of Adobe by 5.2% in the second quarter. Pacer Advisors Inc. now owns 67,645 shares of the software company’s stock worth $37,580,000 after buying an additional 3,355 shares during the last quarter. Chesapeake Wealth Management increased its holdings in Adobe by 2.1% in the 2nd quarter. Chesapeake Wealth Management now owns 2,237 shares of the software company’s stock valued at $1,243,000 after buying an additional 45 shares during the period. Summit Trail Advisors LLC lifted its stake in Adobe by 18.3% during the second quarter. Summit Trail Advisors LLC now owns 6,615 shares of the software company’s stock worth $3,675,000 after purchasing an additional 1,024 shares during the period. Transatlantique Private Wealth LLC lifted its position in shares of Adobe by 139.1% during the 2nd quarter. Transatlantique Private Wealth LLC now owns 1,633 shares of the software company’s stock worth $901,000 after buying an additional 950 shares during the period. Finally, Nkcfo LLC boosted its stake in shares of Adobe by 16.0% in the 2nd quarter. Nkcfo LLC now owns 2,900 shares of the software company’s stock valued at $1,611,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 0.7 %

Shares of Adobe stock opened at $429.99 on Friday. The stock has a 50 day moving average of $476.55 and a 200 day moving average of $512.82. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The firm has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ADBE shares. BMO Capital Markets lowered their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. One equities research 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.