Adobe Inc. (NASDAQ:ADBE) Shares Bought by Deane Retirement Strategies Inc.

Deane Retirement Strategies Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 119.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,120 shares of the software company’s stock after purchasing an additional 4,426 shares during the quarter. Adobe accounts for 1.8% of Deane Retirement Strategies Inc.’s investment portfolio, making the stock its 22nd largest position. Deane Retirement Strategies Inc.’s holdings in Adobe were worth $3,611,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Magnolia Capital Advisors LLC lifted its holdings 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 valued at $369,000 after purchasing an additional 81 shares in the last quarter. Regal Investment Advisors LLC increased its position in Adobe by 2.6% during the second quarter. Regal Investment Advisors LLC now owns 1,382 shares of the software company’s stock worth $768,000 after buying an additional 35 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Adobe by 4.1% in the second quarter. EP Wealth Advisors LLC now owns 8,939 shares of the software company’s stock worth $4,966,000 after acquiring an additional 356 shares during the last quarter. Next Capital Management LLC boosted its stake in shares of Adobe by 3.2% during the second quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock valued at $377,000 after acquiring an additional 21 shares during the last quarter. Finally, Advisory Alpha LLC purchased a new stake in Adobe during the 2nd quarter worth about $224,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ADBE. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. BMO Capital Markets lowered their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Bank of America reduced their target price on Adobe from $640.00 to $605.00 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 given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Up 0.9 %

Shares of Adobe stock opened at $442.70 on Wednesday. The business has a 50-day moving average price of $466.93 and a 200 day moving average price of $506.42. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm has a market cap of $192.71 billion, a P/E ratio of 35.70, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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