Advisors Management Group Inc. ADV Buys New Stake in Adobe Inc. (NASDAQ:ADBE)

Advisors Management Group Inc. ADV acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 611 shares of the software company’s stock, valued at approximately $272,000.

A number of other institutional investors have also modified their holdings of the business. Plancorp LLC boosted its stake in shares of Adobe by 4.0% during the second quarter. Plancorp LLC now owns 673 shares of the software company’s stock worth $374,000 after buying an additional 26 shares during the period. Mutual of America Capital Management LLC grew its stake in shares of Adobe by 0.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 62,900 shares of the software company’s stock valued at $34,943,000 after purchasing an additional 304 shares during the last quarter. E Fund Management Co. Ltd. increased its holdings in shares of Adobe by 16.0% in the second quarter. E Fund Management Co. Ltd. now owns 12,409 shares of the software company’s stock valued at $6,894,000 after purchasing an additional 1,714 shares during the period. Purus Wealth Management LLC raised its stake in shares of Adobe by 9.1% during the second quarter. Purus Wealth Management LLC now owns 9,194 shares of the software company’s stock worth $5,108,000 after purchasing an additional 764 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after purchasing an additional 491,627 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 1.1 %

Shares of NASDAQ:ADBE opened at $417.28 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $183.69 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 2.51 and a beta of 1.31. The stock’s 50-day moving average price is $481.07 and its two-hundred day moving average price is $515.02. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.52 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock worth $893,665 in the last ninety days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADBE shares. Sanford C. Bernstein cut their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report 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, Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $573.00.

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.