Waverly Advisors LLC Buys 1,628 Shares of Adobe Inc. (NASDAQ:ADBE)

Waverly Advisors LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,340 shares of the software company's stock after buying an additional 1,628 shares during the quarter. Waverly Advisors LLC's holdings in Adobe were worth $2,819,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH raised 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 buying an additional 39,888 shares during the period. Summit Securities Group LLC bought a new position in shares of Adobe in the fourth quarter worth about $31,000. Caitlin John LLC grew 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 purchasing an additional 48 shares in the last quarter. Avion Wealth grew its position in shares of Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after purchasing an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC grew its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ADBE shares. Jefferies Financial Group cut their target price on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. JPMorgan Chase & Co. cut their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada cut their target price on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, BMO Capital Markets cut their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.16% of the company's stock.

Adobe Price Performance

NASDAQ ADBE traded up $6.68 during trading on Tuesday, hitting $414.37. 619,126 shares of the stock traded hands, compared to its average volume of 3,439,027. The company has a market capitalization of $176.60 billion, a P/E ratio of 33.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a 50-day simple moving average of $377.53 and a 200-day simple moving average of $430.35. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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 (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company earned $4.48 EPS. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.