Adobe Inc. (NASDAQ:ADBE) Director David A. Ricks Acquires 2,250 Shares

Adobe Inc. (NASDAQ:ADBE) Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of 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 position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Adobe Trading Up 1.0 %

ADBE opened at $446.00 on Friday. The stock has a 50-day moving average of $464.63 and a 200 day moving average of $505.15. The company has a current ratio of 1.07, a quick 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 $638.25. The firm has a market cap of $194.14 billion, a P/E ratio of 35.97, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.52 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ADBE shares. Royal Bank of Canada reduced their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Mizuho reduced their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $573.00.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently made changes to their positions in the company. Opes Wealth Management LLC grew its holdings in Adobe by 17.1% during the 4th quarter. Opes Wealth Management LLC now owns 1,253 shares of the software company’s stock valued at $557,000 after purchasing an additional 183 shares during the last quarter. Copperleaf Capital LLC grew its stake in shares of Adobe by 49.9% during the fourth quarter. Copperleaf Capital LLC now owns 2,173 shares of the software company’s stock valued at $966,000 after buying an additional 723 shares during the last quarter. WD Rutherford LLC raised its holdings in shares of Adobe by 6.1% in the fourth quarter. WD Rutherford LLC now owns 8,317 shares of the software company’s stock worth $3,698,000 after buying an additional 478 shares during the period. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Adobe by 3.2% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 6,736 shares of the software company’s stock worth $2,995,000 after acquiring an additional 208 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new position in Adobe during the 4th quarter valued at $24,927,000. Institutional investors own 81.79% of the company’s stock.

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.