Channel Wealth LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 9,843 shares of the software company's stock, valued at approximately $3,775,000. Adobe accounts for 1.2% of Channel Wealth LLC's portfolio, making the stock its 27th largest holding.
Other institutional investors and hedge funds have also made changes to their positions in the company. Arizona State Retirement System lifted its holdings in Adobe by 0.4% in the 4th 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 stake in shares of Adobe in the 4th quarter worth approximately $1,173,000. Silicon Valley Capital Partners lifted its stake in Adobe by 4.1% during the fourth 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. boosted its holdings in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after buying an additional 114 shares in the last quarter. Finally, Proficio Capital Partners LLC grew its position in Adobe by 85.8% in the fourth 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 institutional investors.
Adobe Stock Up 0.4%
Shares of Adobe stock traded up $1.72 during midday trading on Friday, reaching $416.92. 2,143,071 shares of the company's stock traded hands, compared to its average volume of 3,405,897. 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 52 week low of $332.01 and a 52 week high of $587.75. The company's 50 day simple moving average is $380.73 and its 200 day simple moving average is $425.81. The company has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the business posted $4.48 earnings per share. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities analysts recently issued reports on ADBE shares. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, 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. Eleven research 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $502.88.
Get Our Latest Research Report on ADBE
Insider Buying and Selling at Adobe
In other news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction that occurred on 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 acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.16% of the company's stock.
Adobe Company Profile
(
Free Report)
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.
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