IMG Wealth Management Inc. Acquires Shares of 220 Adobe Inc. (NASDAQ:ADBE)

IMG Wealth Management Inc. acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 220 shares of the software company’s stock, valued at approximately $98,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signature Wealth Management Group lifted its stake in Adobe by 8.5% in the fourth quarter. Signature Wealth Management Group now owns 2,212 shares of the software company’s stock valued at $984,000 after buying an additional 174 shares during the last quarter. SlateStone Wealth LLC raised its stake in shares of Adobe by 9.0% during the fourth quarter. SlateStone Wealth LLC now owns 7,248 shares of the software company’s stock worth $3,223,000 after purchasing an additional 600 shares during the last quarter. Nicholas Company Inc. raised its stake in shares of Adobe by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 167,764 shares of the software company’s stock worth $74,601,000 after purchasing an additional 13,434 shares during the last quarter. First National Advisers LLC raised its stake in shares of Adobe by 23.6% during the fourth quarter. First National Advisers LLC now owns 11,342 shares of the software company’s stock worth $5,043,000 after purchasing an additional 2,166 shares during the last quarter. Finally, GWN Securities Inc. purchased a new stake in shares of Adobe during the fourth quarter worth approximately $220,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $394.74 on Monday. The business’s 50-day moving average price is $437.03 and its 200 day moving average price is $481.50. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The company has a market capitalization of $171.87 billion, a PE ratio of 31.83, 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 released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company 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 last year, the business posted $4.48 EPS. On average, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. 0.16% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Wells Fargo & Company cut their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

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.