U S Wealth Group LLC. Invests $1.92 Million in Adobe Inc. (NASDAQ:ADBE)

U S Wealth Group LLC. bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,317 shares of the software company’s stock, valued at approximately $1,920,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter worth $2,553,035,000. Proficio Capital Partners LLC raised its stake in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Edgewood Management LLC grew its stake in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Adobe during the fourth quarter valued at about $243,827,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was 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 owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Finally, Morgan Stanley dropped their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

Adobe Trading Down 5.0 %

Shares of Adobe stock opened at $349.07 on Monday. The firm has a market cap of $148.77 billion, a PE ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. 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 Inc. has a fifty-two week low of $333.36 and a fifty-two week high of $587.75. The business’s fifty day moving average is $425.66 and its two-hundred day moving average is $463.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the company earned $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.