Providence Capital Advisors LLC Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Providence Capital Advisors LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,594 shares of the software company’s stock after purchasing an additional 83 shares during the period. Adobe comprises 1.4% of Providence Capital Advisors LLC’s investment portfolio, making the stock its 22nd largest position. Providence Capital Advisors LLC’s holdings in Adobe were worth $6,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment grew its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. 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 worth $30,000 after purchasing an additional 34 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in Adobe during the fourth quarter valued at $31,000. Finally, Caitlin John LLC boosted its holdings in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ADBE shares. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Oppenheimer decreased their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Robert W. Baird lowered their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, Citigroup dropped their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

Adobe Price Performance

ADBE opened at $396.15 on Friday. 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 has a fifty day moving average of $432.69 and a 200 day moving average of $471.70. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The stock has a market cap of $172.49 billion, a P/E ratio of 31.95, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm posted $4.48 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. 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 over the last three months. 0.16% of the stock is owned by company insiders.

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.