Elefante Mark B Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Elefante Mark B acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 866 shares of the software company's stock, valued at approximately $385,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC grew its stake in shares of Adobe by 15.6% in the fourth quarter. Fortitude Family Office LLC now owns 200 shares of the software company's stock worth $89,000 after purchasing an additional 27 shares during the last quarter. ORG Partners LLC boosted its position in Adobe by 64.4% during the 4th quarter. ORG Partners LLC now owns 513 shares of the software company's stock valued at $228,000 after acquiring an additional 201 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position 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. Ridgewood Investments LLC boosted its position in Adobe by 38.9% during the 4th quarter. Ridgewood Investments LLC now owns 3,178 shares of the software company's stock valued at $1,413,000 after acquiring an additional 890 shares in the last quarter. Finally, CCM Investment Advisers LLC boosted its position in Adobe by 8.4% during the 4th quarter. CCM Investment Advisers LLC now owns 30,405 shares of the software company's stock valued at $13,521,000 after acquiring an additional 2,359 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

ADBE stock traded down $0.71 during trading on Friday, reaching $383.28. The stock had a trading volume of 2,030,646 shares, compared to its average volume of 3,440,824. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock's 50 day moving average is $379.67 and its two-hundred day moving average is $436.43. 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 firm has a market cap of $163.35 billion, a PE ratio of 30.91, a PEG 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 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $5.66 billion. During the same period last year, the firm earned $4.48 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho lowered their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Finally, Royal Bank of Canada dropped their price target on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

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.