Weaver Capital Management LLC Has $2.20 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Weaver Capital Management LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,938 shares of the software company’s stock after purchasing an additional 324 shares during the period. Weaver Capital Management LLC’s holdings in Adobe were worth $2,196,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC raised its holdings in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares during the period. Connable Office Inc. boosted its stake in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank increased its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. James J. Burns & Company LLC raised its stake in shares of Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares during the period. Finally, Holistic Financial Partners lifted its holdings in shares of Adobe by 6.0% in the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE opened at $440.23 on Wednesday. The business’s fifty day moving average is $460.36 and its 200 day moving average is $502.16. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $634.59. 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 stock has a market cap of $191.63 billion, a P/E ratio of 35.50, a P/E/G ratio of 2.12 and a beta of 1.31.

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

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the firm’s 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 owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on ADBE shares. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.