Quantum Private Wealth LLC Acquires 141 Shares of Adobe Inc. (NASDAQ:ADBE)

Quantum Private Wealth LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 9.0% during the fourth quarter, HoldingsChannel reports. The firm owned 1,709 shares of the software company’s stock after buying an additional 141 shares during the period. Quantum Private Wealth LLC’s holdings in Adobe were worth $760,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Creative Planning raised its position in Adobe by 34.9% during the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock valued at $84,750,000 after purchasing an additional 42,736 shares in the last quarter. Swedbank AB raised its holdings in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Adobe during the 3rd quarter valued at about $155,000. Good Life Advisors LLC lifted its position in Adobe by 56.3% in the 3rd quarter. Good Life Advisors LLC now owns 880 shares of the software company’s stock worth $456,000 after buying an additional 317 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its stake in Adobe by 4.2% in the third quarter. Bleakley Financial Group LLC now owns 8,086 shares of the software company’s stock worth $4,187,000 after buying an additional 323 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ADBE. BMO Capital Markets lowered their price objective 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. Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 target price on shares of Adobe in a research note on Thursday. Finally, Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 0.2 %

ADBE opened at $460.16 on Friday. The stock has a market cap of $200.31 billion, a PE ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31. The business has a 50 day moving average of $446.56 and a 200-day moving average of $496.88. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $607.32. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.52 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.