Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 518.5% during the 4th quarter, HoldingsChannel reports. The firm owned 7,589 shares of the software company’s stock after buying an additional 6,362 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Adobe were worth $3,375,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its holdings in shares of Adobe by 0.7% during the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after purchasing an additional 451 shares during the period. Annandale Capital LLC boosted its stake in shares of Adobe by 10.5% during the 2nd quarter. Annandale Capital LLC now owns 5,276 shares of the software company’s stock valued at $2,931,000 after buying an additional 500 shares during the period. Aviso Wealth Management grew its holdings in shares of Adobe by 6.8% during the 2nd quarter. Aviso Wealth Management now owns 487 shares of the software company’s stock valued at $271,000 after acquiring an additional 31 shares in the last quarter. Magnolia Capital Advisors LLC increased its stake in shares of Adobe by 13.9% in the second quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after acquiring an additional 81 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Adobe by 19.3% during the second quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock worth $22,704,000 after acquiring an additional 6,622 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now owns 2,715 shares in the company, 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. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on ADBE shares. Royal Bank of Canada lowered their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Wells Fargo & Company dropped their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, Stifel Nicolaus reduced their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of Adobe stock opened at $435.38 on Monday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. 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 stock has a market capitalization of $189.52 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. The firm has a fifty day moving average of $468.14 and a two-hundred day moving average of $507.66.

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

About Adobe

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.