Cornerstone Wealth Group LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Cornerstone Wealth Group LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 518.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,589 shares of the software company’s stock after purchasing an additional 6,362 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Adobe were worth $3,375,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the 3rd quarter worth $26,000. Piscataqua Savings Bank increased its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth about $30,000. True Wealth Design LLC lifted its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Adobe during the 3rd quarter worth about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Sanford C. Bernstein cut their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Citigroup decreased their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.4 %

Adobe stock opened at $435.38 on Monday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The stock has a market cap of $189.52 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. The company’s 50-day moving average price is $468.14 and its two-hundred day moving average price is $507.66. 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) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $3.52 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.