Adobe Inc. (NASDAQ:ADBE) Position Boosted by Woodstock Corp

Woodstock Corp increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.9% during the fourth quarter, Holdings Channel reports. The firm owned 967 shares of the software company’s stock after purchasing an additional 36 shares during the period. Woodstock Corp’s holdings in Adobe were worth $430,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sienna Gestion boosted its holdings in shares of Adobe by 0.9% in the second quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock worth $11,902,000 after buying an additional 185 shares during the period. Middleton & Co. Inc. MA boosted its stake in Adobe by 10.6% in the 2nd quarter. Middleton & Co. Inc. MA now owns 20,623 shares of the software company’s stock worth $11,457,000 after purchasing an additional 1,970 shares during the period. Resolute Capital Asset Partners LLC purchased a new position in Adobe during the 2nd quarter worth approximately $3,055,000. Intech Investment Management LLC raised its stake in Adobe by 20.1% during the 2nd quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock valued at $23,232,000 after purchasing an additional 6,985 shares during the period. Finally, Brighton Jones LLC lifted its holdings in shares of Adobe by 1.8% in the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock valued at $4,514,000 after purchasing an additional 142 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock valued at $893,665 in the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Finally, DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Performance

NASDAQ:ADBE opened at $426.93 on Friday. The firm has a market capitalization of $187.93 billion, a PE ratio of 34.43, a PEG ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. The firm’s fifty day simple moving average is $479.32 and its 200 day simple moving average is $514.33.

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

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.