Integrated Wealth Concepts LLC Purchases 1,046 Shares of Adobe Inc. (NASDAQ:ADBE)

Integrated Wealth Concepts LLC increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,244 shares of the software company's stock after purchasing an additional 1,046 shares during the period. Integrated Wealth Concepts LLC's holdings in Adobe were worth $5,889,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of ADBE. Virtu Financial LLC bought a new stake in Adobe during the third quarter worth about $4,167,000. Morse Asset Management Inc raised its position in Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock worth $4,398,000 after acquiring an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd increased its stake in shares of Adobe by 12.9% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock worth $2,294,000 after purchasing an additional 510 shares during the last quarter. Anchor Investment Management LLC raised its holdings in shares of Adobe by 1.6% in the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock valued at $8,420,000 after purchasing an additional 255 shares during the period. Finally, Pine Valley Investments Ltd Liability Co lifted its stake in Adobe by 13.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock valued at $13,168,000 after purchasing an additional 3,071 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Morgan Stanley dropped their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Mizuho decreased their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Price Performance

Adobe stock traded up $2.36 during mid-day trading on Tuesday, reaching $370.98. The company had a trading volume of 2,193,842 shares, compared to its average volume of 3,434,111. The business has a fifty day simple moving average of $391.12 and a 200 day simple moving average of $443.78. The company has a market cap of $158.11 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a current ratio of 1.07, a quick 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 for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.