CMG Global Holdings LLC Has $591,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

CMG Global Holdings LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,351 shares of the software company’s stock after purchasing an additional 46 shares during the period. CMG Global Holdings LLC’s holdings in Adobe were worth $591,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC bought a new stake in Adobe in the 3rd quarter worth about $26,000. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC increased its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc bought a new stake in Adobe during the third quarter worth $36,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

NASDAQ:ADBE opened at $446.00 on Friday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The stock has a fifty day moving average of $464.63 and a 200 day moving average of $505.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $194.14 billion, a price-to-earnings ratio of 35.97, a P/E/G ratio of 2.14 and a beta of 1.31.

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

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly 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 5,681 shares of company stock valued at $2,525,126 in the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company lowered their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Royal Bank of Canada reduced their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.