Coign Capital Advisors LLC Makes New $593,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Coign Capital Advisors LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,334 shares of the software company's stock, valued at approximately $593,000.

Several other large investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter worth $2,553,035,000. Edgewood Management LLC lifted its holdings in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock worth $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock valued at $1,235,157,000 after purchasing an additional 163,983 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $0.63 during midday trading on Tuesday, reaching $351.54. 1,337,866 shares of the company traded hands, compared to its average volume of 3,391,006. The company has a market cap of $149.83 billion, a price-to-earnings ratio of 28.35, a PEG ratio of 2.15 and a beta of 1.49. The stock has a 50-day moving average price of $411.27 and a 200 day moving average price of $454.13. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The company 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 previous year, the firm earned $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company's stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. 0.16% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. Morgan Stanley dropped their price objective on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Evercore ISI lowered their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a report on Monday. Finally, StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $518.46.

Adobe 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.