Bulltick Wealth Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,144 shares of the software company's stock after purchasing an additional 2,292 shares during the period. Adobe comprises 2.0% of Bulltick Wealth Management LLC's portfolio, making the stock its 12th biggest holding. Bulltick Wealth Management LLC's holdings in Adobe were worth $8,513,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in ADBE. Nordea Investment Management AB grew its holdings in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock valued at $765,094,000 after purchasing an additional 33,414 shares in the last quarter. Arizona State Retirement System boosted its position in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $1,173,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock worth $44,090,000 after acquiring an additional 1,326 shares in the last quarter. Finally, M. Kraus & Co acquired a new position in shares of Adobe in the 4th quarter valued at $3,285,000. 81.79% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Adobe
In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated 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 transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.16% of the company's stock.
Wall Street Analyst Weigh In
ADBE has been the subject of a number of analyst reports. BMO Capital Markets decreased their price target on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Eleven investment 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $502.88.
Read Our Latest Report on Adobe
Adobe Price Performance
NASDAQ ADBE traded down $0.98 on Thursday, reaching $383.99. The company's stock had a trading volume of 3,381,810 shares, compared to its average volume of 3,439,104. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $382.06 and a 200 day moving average price of $438.62. The firm has a market cap of $163.66 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Company Profile
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Free Report)
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.
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