Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Valley Wealth Managers Inc.

Valley Wealth Managers Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,292 shares of the software company’s stock after purchasing an additional 399 shares during the period. Valley Wealth Managers Inc.’s holdings in Adobe were worth $1,019,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADBE. Swedbank AB increased its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the period. Vest Financial LLC increased its holdings in shares of Adobe by 217.2% during the third quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock valued at $1,181,000 after purchasing an additional 1,562 shares during the period. Trilogy Capital Inc. increased its holdings in shares of Adobe by 20.9% during the third quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock valued at $1,727,000 after purchasing an additional 576 shares during the period. Raleigh Capital Management Inc. increased its holdings in shares of Adobe by 6.4% during the third quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock valued at $433,000 after purchasing an additional 50 shares during the period. Finally, Foundations Investment Advisors LLC increased its holdings in shares of Adobe by 9.7% during the third quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock valued at $14,239,000 after purchasing an additional 2,438 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.9 %

ADBE opened at $464.11 on Wednesday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The business has a 50-day moving average of $443.14 and a 200-day moving average of $495.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $202.03 billion, a PE ratio of 37.43, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business earned $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Bank of America decreased their price target on Adobe from $640.00 to $605.00 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 given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity at Adobe

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

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.