Opes Wealth Management LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Opes Wealth Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 17.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,253 shares of the software company’s stock after purchasing an additional 183 shares during the quarter. Opes Wealth Management LLC’s holdings in Adobe were worth $557,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter worth about $26,000. Groupama Asset Managment raised its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter worth about $30,000. True Wealth Design LLC raised its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in Adobe in the fourth quarter worth about $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.2 %

Shares of NASDAQ:ADBE opened at $460.16 on Friday. The business has a 50-day moving average price of $446.56 and a 200 day moving average price of $496.88. 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 company has a market capitalization of $200.31 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $607.32.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business posted $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADBE. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BMO Capital Markets cut their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 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 target price on the stock in a research report on Wednesday, January 15th. Finally, Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value 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. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by company insiders.

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.