Beese Fulmer Investment Management Inc. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Beese Fulmer Investment Management Inc. increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,767 shares of the software company's stock after buying an additional 1,056 shares during the quarter. Beese Fulmer Investment Management Inc.'s holdings in Adobe were worth $8,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC bought a new position in Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management acquired a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter valued at $31,000. Finally, Caitlin John LLC increased its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the period. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.5%

Adobe stock traded up $1.89 during trading on Wednesday, hitting $414.38. 996,157 shares of the company were exchanged, compared to its average volume of 3,410,674. The company has a market capitalization of $176.61 billion, a P/E ratio of 33.42, a PEG ratio of 2.15 and a beta of 1.55. The business's 50 day moving average is $379.54 and its 200 day moving average is $426.47. 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.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the business posted $4.48 EPS. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, 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 accessible through this link. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADBE shares. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. DA Davidson dropped their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, Citigroup cut their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

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.