NewEdge Wealth LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

NewEdge Wealth LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,111 shares of the software company's stock after purchasing an additional 2,297 shares during the quarter. NewEdge Wealth LLC's holdings in Adobe were worth $40,960,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at approximately $26,000. Groupama Asset Managment increased its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the third quarter valued at about $30,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after buying an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe in the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $1.30 during trading on Friday, hitting $438.49. The company had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. The stock has a 50 day simple moving average of $439.71 and a 200 day simple moving average of $490.93. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The firm has a market capitalization of $190.87 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Citigroup lowered their price objective on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average price target of $570.88.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe 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 completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company's stock.

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.