City National Bank of Florida MSD Buys Shares of 1,139 Adobe Inc. (NASDAQ:ADBE)

City National Bank of Florida MSD purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,139 shares of the software company's stock, valued at approximately $506,000.

A number of other institutional investors also recently modified their holdings of the business. Ameritas Advisory Services LLC boosted its holdings in shares of Adobe by 4.3% during the 4th quarter. Ameritas Advisory Services LLC now owns 2,939 shares of the software company's stock valued at $1,307,000 after acquiring an additional 121 shares in the last quarter. Pure Financial Advisors LLC raised its position in Adobe by 79.7% in the fourth quarter. Pure Financial Advisors LLC now owns 1,953 shares of the software company's stock valued at $869,000 after purchasing an additional 866 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Adobe by 0.9% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 3,641 shares of the software company's stock valued at $1,619,000 after purchasing an additional 33 shares in the last quarter. Aspire Private Capital LLC boosted its stake in shares of Adobe by 16.2% during the fourth quarter. Aspire Private Capital LLC now owns 1,847 shares of the software company's stock valued at $821,000 after purchasing an additional 257 shares in the last quarter. Finally, Mirabaud & Cie SA grew its holdings in shares of Adobe by 48.0% during the fourth quarter. Mirabaud & Cie SA now owns 7,141 shares of the software company's stock worth $3,175,000 after purchasing an additional 2,315 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. UBS Group reduced their price target on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Wells Fargo & Company lowered their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, DA Davidson decreased their target price on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were 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 owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE opened at $414.03 on Thursday. 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 company has a market capitalization of $176.46 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 2.15 and a beta of 1.55. The stock has a 50 day moving average of $376.51 and a 200 day moving average of $432.95. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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

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