Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,626 shares of the software company’s stock after acquiring an additional 1,476 shares during the period. Kingsview Wealth Management LLC’s holdings in Adobe were worth $8,283,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ADBE. Nordea Investment Management AB raised its holdings in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares during the period. Public Sector Pension Investment Board increased its stake in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc grew its holdings in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after buying an additional 1,326 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were 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 of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Mizuho lowered their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $433.07 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $188.52 billion, a PE ratio of 34.93, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a 50-day simple moving average of $453.92 and a 200-day simple moving average of $499.63. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $628.07.

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

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.