Greykasell Wealth Strategies Inc. Takes $1.12 Million Position in Adobe Inc. (NASDAQ:ADBE)

Greykasell Wealth Strategies Inc. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, Holdings Channel reports. The fund acquired 2,526 shares of the software company’s stock, valued at approximately $1,123,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the 3rd quarter valued at $26,000. Groupama Asset Managment grew its stake in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the third quarter valued at $30,000. True Wealth Design LLC grew its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe during the fourth quarter valued at $31,000. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Adobe Trading Up 4.5 %

Shares of ADBE opened at $394.74 on Friday. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The company has a 50-day moving average of $437.03 and a 200 day moving average of $482.65. The firm has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. 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 quarterly earnings data 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $4.48 EPS. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Stifel Nicolaus cut their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday. BMO Capital Markets cut their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday. Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Evercore ISI dropped their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, UBS Group dropped their price objective on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $539.46.

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.