NewEdge Advisors LLC Has $18.02 Million Position in Adobe Inc. (NASDAQ:ADBE)

NewEdge Advisors LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,519 shares of the software company's stock after acquiring an additional 1,983 shares during the period. NewEdge Advisors LLC's holdings in Adobe were worth $18,018,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ADBE. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe during the fourth quarter worth about $31,000. Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter worth approximately $31,000. Caitlin John LLC raised its position in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares in the last quarter. Avion Wealth boosted its stake in shares of Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after buying an additional 46 shares during 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 buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded up $5.58 during midday trading on Tuesday, reaching $348.80. The stock had a trading volume of 725,356 shares, compared to its average volume of 3,410,004. 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 company has a market capitalization of $148.66 billion, a P/E ratio of 28.06, a P/E/G ratio of 2.15 and a beta of 1.49. The firm's 50 day moving average price is $401.15 and its 200-day moving average price is $448.52. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly 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 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 prior year, the company earned $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 922 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company's stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This 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. 0.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ADBE shares. BMO Capital Markets reduced their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. UBS Group lowered their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Eleven equities research 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.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $506.73.

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.