Meridian Wealth Management LLC Buys 1,966 Shares of Adobe Inc. (NASDAQ:ADBE)

Meridian Wealth Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 43.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,513 shares of the software company's stock after buying an additional 1,966 shares during the quarter. Meridian Wealth Management LLC's holdings in Adobe were worth $2,896,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ADBE. Swedbank AB grew its holdings in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company's stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of Adobe by 3.3% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company's stock valued at $1,408,000 after purchasing an additional 93 shares in the last quarter. Princeton Global Asset Management LLC bought a new stake in Adobe in the third quarter worth approximately $53,000. Janney Montgomery Scott LLC lifted its stake in Adobe by 0.4% in the third quarter. Janney Montgomery Scott LLC now owns 97,316 shares of the software company's stock valued at $50,388,000 after buying an additional 364 shares during the period. Finally, Blue Square Asset Management LLC boosted its holdings in shares of Adobe by 3.6% during the 3rd quarter. Blue Square Asset Management LLC now owns 4,942 shares of the software company's stock worth $2,559,000 after buying an additional 174 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $5.29 during midday trading on Wednesday, reaching $451.32. The company's stock had a trading volume of 1,127,353 shares, compared to its average volume of 3,382,920. The stock has a market capitalization of $196.46 billion, a P/E ratio of 36.36, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50 day moving average price of $439.55 and a 200-day moving average price of $489.03. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter in the previous year, the firm earned $3.52 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADBE shares. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $570.88.

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.