2,987 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,987 shares of the software company’s stock, valued at approximately $1,328,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. M&T Bank Corp lifted its stake in shares of Adobe by 3.9% in the 3rd quarter. M&T Bank Corp now owns 156,198 shares of the software company’s stock valued at $80,876,000 after purchasing an additional 5,905 shares during the period. Virtu Financial LLC acquired a new position in shares of Adobe in the third quarter worth about $4,167,000. Morse Asset Management Inc boosted its stake in shares of Adobe by 32.6% during the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock worth $4,398,000 after acquiring an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd grew its position in shares of Adobe by 12.9% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock valued at $2,294,000 after acquiring an additional 510 shares during the period. Finally, Anchor Investment Management LLC raised its holdings in Adobe by 1.6% in the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock worth $8,420,000 after purchasing an additional 255 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.7 %

Shares of ADBE opened at $352.47 on Monday. 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 firm has a market cap of $150.22 billion, a P/E ratio of 28.43, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company’s 50-day moving average price is $413.00 and its 200 day moving average price is $455.28. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm earned $4.48 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. BMO Capital Markets cut their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Oppenheimer decreased their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Citigroup cut their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $527.12.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. Company insiders own 0.16% of the company’s stock.

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.