Meriwether Wealth & Planning LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Meriwether Wealth & Planning LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, Holdings Channel.com reports. The fund bought 696 shares of the software company’s stock, valued at approximately $309,000.

A number of other hedge funds have also bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new stake in Adobe in the third quarter worth $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter worth $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Briaud Financial Planning Inc acquired a new stake in Adobe in the third quarter worth $36,000. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the fourth quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $449.40 on Monday. The company’s 50 day moving average is $439.56 and its 200-day moving average is $486.60. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $195.67 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

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

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the business’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 transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’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 transaction of $145,567.22. Following the completion of 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 represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada reduced their price objective on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a report on Friday. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Wells Fargo & Company reduced their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday. Finally, Jefferies Financial Group reduced their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $567.81.

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.