Crowley Wealth Management Inc. Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

Crowley Wealth Management Inc. bought a new position in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 253 shares of the software company’s stock, valued at approximately $113,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. 1ST Source Bank boosted its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the period. Foster Group Inc. boosted its holdings in shares of Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after purchasing an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares during the period. Veery Capital LLC boosted its holdings in shares of Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after purchasing an additional 24 shares during the period. Finally, Cornerstone Wealth Management LLC lifted its holdings in shares of Adobe by 1.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after buying an additional 24 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ADBE shares. Oppenheimer lowered their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. UBS Group set a $495.00 price objective on shares of Adobe in a research note on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Evercore ISI lowered their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This 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 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by company insiders.

Adobe Trading Down 0.6 %

Adobe stock opened at $387.26 on Monday. 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 52 week low of $374.50 and a 52 week high of $587.75. The company has a market capitalization of $168.62 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock has a 50-day moving average price of $434.16 and a 200 day moving average price of $475.10.

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

Adobe Company 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.