Avantax Planning Partners Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Avantax Planning Partners Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 12.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,777 shares of the software company’s stock after acquiring an additional 315 shares during the period. Avantax Planning Partners Inc.’s holdings in Adobe were worth $1,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in ADBE. Proficio Capital Partners LLC raised its stake in shares of 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 period. FMR LLC raised its stake in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Adobe during the 4th quarter valued at $243,827,000. Assenagon Asset Management S.A. raised its stake in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd bought a new stake in shares of Adobe during the 4th quarter valued at $110,744,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 922 shares of the firm’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 transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were bought 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 $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

ADBE opened at $433.66 on Wednesday. The stock has a 50-day moving average price of $439.13 and a 200-day moving average price of $484.86. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $188.82 billion, a P/E ratio of 34.97, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its quarterly 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADBE shares. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. BMO Capital Markets set a $515.00 price objective on Adobe and gave the company an “outperform” rating in a research note on Friday. Finally, Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $563.96.

About Adobe

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.