Integrated Wealth Concepts LLC Buys 1,046 Shares of Adobe Inc. (NASDAQ:ADBE)

Integrated Wealth Concepts LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,244 shares of the software company's stock after acquiring an additional 1,046 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Adobe were worth $5,889,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Nordea Investment Management AB grew its stake in Adobe by 2.0% during the 4th 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 lifted its holdings in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in Adobe during the 4th quarter valued at $1,173,000. Wealth Enhancement Advisory Services LLC raised its stake in Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after acquiring an additional 1,326 shares in the last quarter. Finally, M. Kraus & Co bought a new stake in Adobe during the 4th quarter valued at $3,285,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity

In other news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Finally, Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe Stock Performance

ADBE traded up $2.64 during trading on Thursday, reaching $377.62. 915,257 shares of the company's stock were exchanged, compared to its average volume of 3,424,578. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 50 day moving average price of $388.06 and a 200 day moving average price of $442.81. The company has a market capitalization of $160.94 billion, a P/E ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period last year, the business earned $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.