King Wealth Management Group Purchases Shares of 619 Adobe Inc. (NASDAQ:ADBE)

King Wealth Management Group acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 619 shares of the software company’s stock, valued at approximately $275,000.

Other institutional investors have also recently modified their holdings of the company. Atala Financial Inc bought a new position in Adobe during the fourth quarter valued at approximately $408,000. LBP AM SA raised its position in Adobe by 58.3% in the 4th quarter. LBP AM SA now owns 183,169 shares of the software company’s stock worth $81,452,000 after purchasing an additional 67,479 shares during the period. Madison Investment Advisors LLC bought a new stake in Adobe in the fourth quarter worth $18,233,000. JPL Wealth Management LLC purchased a new stake in Adobe during the fourth quarter valued at about $2,635,000. Finally, Impact Capital Partners LLC bought a new position in shares of Adobe during the fourth quarter valued at about $406,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the business’s 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 owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $377.84 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50 day simple moving average of $437.74 and a two-hundred day simple moving average of $483.80. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a market capitalization of $164.51 billion, a price-to-earnings ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada decreased their target price on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $539.46.

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.