CMH Wealth Management LLC Buys 4,678 Shares of Adobe Inc. (NASDAQ:ADBE)

CMH Wealth Management LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 35.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,756 shares of the software company’s stock after purchasing an additional 4,678 shares during the period. Adobe accounts for approximately 1.8% of CMH Wealth Management LLC’s portfolio, making the stock its 25th largest holding. CMH Wealth Management LLC’s holdings in Adobe were worth $7,896,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Ulland Investment Advisors LLC lifted its position in shares of Adobe by 576.0% during the 4th quarter. Ulland Investment Advisors LLC now owns 338 shares of the software company’s stock valued at $150,000 after buying an additional 288 shares during the last quarter. Sky Investment Group LLC raised its stake in Adobe by 30.8% in the 4th quarter. Sky Investment Group LLC now owns 5,086 shares of the software company’s stock valued at $2,262,000 after acquiring an additional 1,197 shares during the period. Cove Private Wealth LLC lifted its holdings in Adobe by 38.5% during the fourth quarter. Cove Private Wealth LLC now owns 3,165 shares of the software company’s stock valued at $1,407,000 after purchasing an additional 880 shares during the last quarter. Zhang Financial LLC boosted its position in Adobe by 17.0% during the fourth quarter. Zhang Financial LLC now owns 3,443 shares of the software company’s stock worth $1,531,000 after purchasing an additional 501 shares during the period. Finally, Guinness Atkinson Asset Management Inc increased its stake in shares of Adobe by 8.3% in the fourth quarter. Guinness Atkinson Asset Management Inc now owns 13,619 shares of the software company’s stock worth $6,056,000 after purchasing an additional 1,042 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADBE. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” 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 target for the company in a research report on Wednesday, January 15th. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

ADBE opened at $429.99 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The stock has a 50-day moving average price of $476.55 and a 200-day moving average price of $512.03. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25.

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

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,763 shares of company stock valued at $893,665. Insiders own 0.15% of the company’s stock.

Adobe 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.