554 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Palacios Wealth Management LLC

Palacios Wealth Management LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 554 shares of the software company’s stock, valued at approximately $234,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Nordea Investment Management AB grew its stake in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc grew its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after purchasing an additional 1,326 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ADBE shares. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Barclays dropped their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, UBS Group dropped their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Down 0.8 %

NASDAQ ADBE opened at $459.22 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $610.33. 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 business’s fifty day simple moving average is $449.99 and its 200-day simple moving average is $497.68. The firm has a market cap of $199.90 billion, a PE ratio of 37.03, a P/E/G 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 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business 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 earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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 approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.