Cetera Investment Advisers Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Cetera Investment Advisers raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,842 shares of the software company's stock after buying an additional 4,889 shares during the quarter. Cetera Investment Advisers' holdings in Adobe were worth $40,840,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Brooks Moore & Associates Inc. bought a new stake in Adobe in the 4th quarter worth approximately $472,000. BlueSpruce Investments LP increased its position in Adobe by 34.8% in the fourth quarter. BlueSpruce Investments LP now owns 1,131,809 shares of the software company's stock worth $503,293,000 after purchasing an additional 292,379 shares during the last quarter. Bridgefront Capital LLC increased its position in Adobe by 46.7% in the fourth quarter. Bridgefront Capital LLC now owns 1,882 shares of the software company's stock worth $837,000 after purchasing an additional 599 shares during the last quarter. Bulltick Wealth Management LLC lifted its position in Adobe by 13.6% during the fourth quarter. Bulltick Wealth Management LLC now owns 19,144 shares of the software company's stock valued at $8,513,000 after purchasing an additional 2,292 shares during the last quarter. Finally, Cary Street Partners Financial LLC purchased a new position in shares of Adobe in the 4th quarter worth $21,986,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Down 0.2 %

NASDAQ:ADBE traded down $0.71 during mid-day trading on Friday, hitting $383.28. 2,030,646 shares of the company's stock traded hands, compared to its average volume of 3,440,824. The company has a fifty day moving average of $379.67 and a 200 day moving average of $436.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market capitalization of $163.35 billion, a P/E ratio of 30.91, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the firm posted $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADBE. Morgan Stanley reduced their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 15th. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Finally, StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $502.88.

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.