Adobe Inc. (NASDAQ:ADBE) Stock Holdings Increased by Prevail Innovative Wealth Advisors LLC

Prevail Innovative Wealth Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 204.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,033 shares of the software company's stock after purchasing an additional 4,724 shares during the quarter. Prevail Innovative Wealth Advisors LLC's holdings in Adobe were worth $3,127,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the third quarter valued at about $26,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after acquiring an additional 34 shares during the period. Decker Retirement Planning Inc. acquired a new stake in Adobe in the fourth quarter valued at approximately $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $31,000. Finally, Caitlin John LLC lifted its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating for the company in a report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a research report on Friday, March 7th. TD Cowen downgraded Adobe from a "buy" rating to a "hold" rating and reduced their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Finally, Evercore ISI reduced their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average target price of $531.54.

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Adobe Stock Performance

Shares of NASDAQ ADBE traded up $2.19 during midday trading on Wednesday, hitting $385.39. 1,418,378 shares of the company's stock were exchanged, compared to its average volume of 3,322,415. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. 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 market cap of $164.25 billion, a P/E ratio of 31.08, a PEG ratio of 2.15 and a beta of 1.37. The stock's 50 day moving average price is $429.81 and its 200-day moving average price is $466.40.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the company's stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% 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.