NewEdge Wealth LLC Has $40.96 Million Stake in Adobe Inc. (NASDAQ:ADBE)

NewEdge Wealth LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 92,111 shares of the software company’s stock after buying an additional 2,297 shares during the period. NewEdge Wealth LLC’s holdings in Adobe were worth $40,960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Swedbank AB increased its position in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Hunter Associates Investment Management LLC grew its stake in shares of Adobe by 28.9% in the third quarter. Hunter Associates Investment Management LLC now owns 891 shares of the software company’s stock valued at $463,000 after buying an additional 200 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. acquired a new position in Adobe during the third quarter worth $435,000. Fortitude Family Office LLC raised its position in Adobe by 31.1% during the third quarter. Fortitude Family Office LLC now owns 173 shares of the software company’s stock worth $90,000 after acquiring an additional 41 shares in the last quarter. Finally, Integrated Advisors Network LLC lifted its stake in Adobe by 34.6% in the third quarter. Integrated Advisors Network LLC now owns 5,927 shares of the software company’s stock valued at $3,069,000 after acquiring an additional 1,522 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Oppenheimer cut their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $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 sold a total of 5,681 shares of company stock worth $2,525,126 in the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

ADBE stock opened at $441.50 on Thursday. The company’s 50-day moving average price is $439.88 and its two-hundred day moving average price is $492.27. The firm has a market cap of $192.18 billion, a P/E ratio of 35.60, a P/E/G ratio of 2.15 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.