2,500 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Alpha Wealth Funds LLC

Alpha Wealth Funds LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,500 shares of the software company's stock, valued at approximately $959,000. Adobe accounts for about 1.0% of Alpha Wealth Funds LLC's portfolio, making the stock its 14th largest position.

A number of other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System increased its stake in Adobe by 0.4% in the fourth 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 during the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe during the 4th quarter valued at about $1,173,000. Silicon Valley Capital Partners increased its position in shares of Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares during the last quarter. Horan Capital Advisors LLC. raised its holdings in shares of Adobe by 2.4% during the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after buying an additional 114 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its position in Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after buying an additional 1,083 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded up $1.29 during mid-day trading on Thursday, reaching $415.20. The stock had a trading volume of 2,272,597 shares, compared to its average volume of 3,410,302. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The business has a 50 day simple moving average of $380.10 and a 200 day simple moving average of $426.39. The firm has a market capitalization of $176.96 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Bank of America lowered their target price on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. DA Davidson decreased their target price on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Eleven investment 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost 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 of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% 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.