National Wealth Management Group LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

National Wealth Management Group LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 1,131 shares of the software company’s stock, valued at approximately $503,000.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after buying an additional 147,981 shares during the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter valued at $2,553,035,000. Charles Schwab Investment Management Inc. grew its position in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock valued at $1,249,066,000 after buying an additional 92,458 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Adobe by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after purchasing an additional 163,983 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Adobe Stock Down 0.6 %

NASDAQ:ADBE opened at $383.53 on Tuesday. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The company has a market capitalization of $163.46 billion, a PE ratio of 30.93, a P/E/G ratio of 2.15 and a beta of 1.37. The firm’s 50-day moving average price is $430.88 and its 200-day moving average price is $467.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADBE shares. Mizuho dropped their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Evercore ISI dropped their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. BMO Capital Markets decreased their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Oppenheimer cut their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

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.