Riggs Capital Management LLC Takes $345,000 Position in Adobe Inc. (NASDAQ:ADBE)

Riggs Capital Management LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 776 shares of the software company's stock, valued at approximately $345,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. United Bank increased its position in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after buying an additional 428 shares in the last quarter. Edgestream Partners L.P. bought a new position in Adobe during the 3rd quarter valued at $719,000. Tradition Wealth Management LLC boosted its holdings in Adobe by 2.8% during the 3rd quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock worth $1,370,000 after acquiring an additional 73 shares during the last quarter. Semmax Financial Advisors Inc. grew its stake in shares of Adobe by 9.5% in the 3rd quarter. Semmax Financial Advisors Inc. now owns 5,094 shares of the software company's stock worth $2,681,000 after acquiring an additional 444 shares in the last quarter. Finally, Plotkin Financial Advisors LLC purchased a new stake in shares of Adobe in the third quarter valued at about $316,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 3.7 %

NASDAQ:ADBE traded down $14.22 during trading hours on Thursday, reaching $371.56. The company's stock had a trading volume of 2,737,245 shares, compared to its average volume of 3,326,730. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $158.36 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 2.15 and a beta of 1.37. The firm has a 50-day simple moving average of $428.78 and a 200-day simple moving average of $465.84. Adobe Inc. has a 1 year low of $367.96 and a 1 year high of $587.75.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADBE shares. Sanford C. Bernstein cut their target price on Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $531.54.

Insider Transactions at Adobe

In other news, Director David A. Ricks bought 2,250 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired 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 owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company's stock.

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.