Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Zhang Financial LLC

Zhang Financial LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 17.0% during the fourth quarter, Holdings Channel reports. The firm owned 3,443 shares of the software company’s stock after purchasing an additional 501 shares during the quarter. Zhang Financial LLC’s holdings in Adobe were worth $1,531,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. grew its position in Adobe by 5.2% during the 2nd quarter. Pacer Advisors Inc. now owns 67,645 shares of the software company’s stock worth $37,580,000 after purchasing an additional 3,355 shares in the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Adobe by 26.5% in the second quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after buying an additional 1,948 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Adobe by 333.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock valued at $3,947,000 after buying an additional 5,465 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in Adobe by 1,079.7% during the second quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock valued at $5,387,000 after buying an additional 8,875 shares during the period. Finally, Greenline Partners LLC purchased a new stake in Adobe in the 2nd quarter worth about $413,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ADBE shares. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Oppenheimer lowered their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Up 0.7 %

ADBE stock opened at $429.99 on Monday. The stock has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The company has a 50-day moving average of $476.55 and a two-hundred day moving average of $512.44. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 EPS. As a group, equities research analysts anticipate 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.