Cove Private Wealth LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Cove Private Wealth LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 38.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,165 shares of the software company’s stock after buying an additional 880 shares during the period. Adobe accounts for about 0.8% of Cove Private Wealth LLC’s portfolio, making the stock its 29th biggest position. Cove Private Wealth LLC’s holdings in Adobe were worth $1,407,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Nordea Investment Management AB grew its holdings in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares during the period. Public Sector Pension Investment Board boosted its position in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC boosted its position in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc lifted its stake in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of the company’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 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Barclays dropped their price target 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 dropped their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Bank of America dropped their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Up 0.7 %

Shares of ADBE stock opened at $429.99 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The company’s 50-day moving average price is $476.55 and its 200-day moving average price is $512.44. The stock has a market cap of $189.28 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted 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. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.52 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.