Riverbend Wealth Management LLC Acquires Shares of 1,321 Adobe Inc. (NASDAQ:ADBE)

Riverbend Wealth Management LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,321 shares of the software company’s stock, valued at approximately $587,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Legacy Investment Solutions LLC purchased a new stake in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment grew its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the third quarter worth $30,000. True Wealth Design LLC raised its holdings in Adobe by 141.7% in 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. bought a new position in Adobe during the 4th quarter valued at $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Royal Bank of Canada reduced their target price on Adobe from $590.00 to $550.00 and set an “outperform” rating on the stock in a report on Friday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, BMO Capital Markets set a $515.00 price objective on Adobe and gave the stock an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $563.96.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $435.08 on Tuesday. The stock has a market cap of $189.44 billion, a P/E ratio of 35.09, a P/E/G ratio of 2.15 and a beta of 1.37. The firm’s 50-day simple moving average is $439.35 and its 200 day simple moving average is $485.74. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS 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 the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.