Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Redwood Wealth Management Group LLC

Redwood Wealth Management Group LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 25.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,056 shares of the software company’s stock after acquiring an additional 215 shares during the quarter. Redwood Wealth Management Group LLC’s holdings in Adobe were worth $470,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Nordea Investment Management AB grew its holdings in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Morse Asset Management Inc boosted its holdings in shares of Adobe by 33.0% during the third 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 grew its position in Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on ADBE. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.4 %

NASDAQ ADBE opened at $440.23 on Wednesday. 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 50-day simple moving average of $460.36 and a 200 day simple moving average of $502.16. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $634.59. The stock has a market cap of $191.63 billion, a PE ratio of 35.50, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company earned $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

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.