Resonant Capital Advisors LLC Takes $213,000 Position in Adobe Inc (NASDAQ:ADBE)

Resonant Capital Advisors LLC acquired a new stake in Adobe Inc (NASDAQ:ADBE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 646 shares of the software company’s stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State Street Corp raised its holdings in Adobe by 0.8% in the 4th quarter. State Street Corp now owns 19,911,953 shares of the software company’s stock valued at $6,567,161,000 after buying an additional 157,055 shares during the period. Polen Capital Management LLC increased its position in shares of Adobe by 3.0% during the fourth quarter. Polen Capital Management LLC now owns 4,953,887 shares of the software company’s stock valued at $1,633,841,000 after acquiring an additional 141,977 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Adobe by 6.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 3,745,712 shares of the software company’s stock valued at $1,235,373,000 after acquiring an additional 232,899 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Adobe by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,146,884 shares of the software company’s stock valued at $708,064,000 after acquiring an additional 26,136 shares during the period. Finally, Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Adobe by 34.7% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 2,128,924 shares of the software company’s stock worth $702,139,000 after acquiring an additional 547,982 shares during the last quarter. Hedge funds and other institutional investors own 85.18% of the company’s stock.

A number of research firms recently weighed in on ADBE. Credit Suisse Group lowered their price objective on shares of Adobe from $385.00 to $370.00 and set an “outperform” rating for the company in a research report on Friday, March 13th. Nomura upped their price target on Adobe from $310.00 to $318.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Wells Fargo & Co lowered their price target on Adobe from $345.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, March 13th. Wedbush restated a “hold” rating and set a $315.00 price target on shares of Adobe in a research report on Friday, March 13th. Finally, Argus reaffirmed a “buy” rating and issued a $368.00 price objective on shares of Adobe in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $337.64.

In other news, Director Charles M. Geschke sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $333.70, for a total transaction of $4,004,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Donna Morris sold 25,481 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $348.16, for a total value of $8,871,464.96. Following the sale, the executive vice president now owns 89,690 shares of the company’s stock, valued at approximately $31,226,470.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,445 shares of company stock valued at $19,174,961. Corporate insiders own 0.31% of the company’s stock.

Shares of ADBE stock traded up $16.76 during trading hours on Thursday, reaching $322.67. 4,529,997 shares of the stock were exchanged, compared to its average volume of 3,595,468. The business’s fifty day moving average is $345.53 and its two-hundred day moving average is $314.28. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.23 and a quick ratio of 0.79. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $386.74. The firm has a market capitalization of $149.81 billion, a P/E ratio of 48.89, a P/E/G ratio of 2.38 and a beta of 0.99.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $0.04. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the firm earned $1.71 earnings per share. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts predict that Adobe Inc will post 8.02 earnings per share for the current fiscal year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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