Lebenthal Global Advisors LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Lebenthal Global Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 16.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,334 shares of the software company’s stock after acquiring an additional 329 shares during the quarter. Lebenthal Global Advisors LLC’s holdings in Adobe were worth $1,038,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of ADBE. Baldwin Wealth Partners LLC MA lifted its holdings in Adobe by 6.0% in the fourth quarter. Baldwin Wealth Partners LLC MA now owns 45,627 shares of the software company’s stock valued at $20,289,000 after acquiring an additional 2,578 shares during the last quarter. Foundations Investment Advisors LLC raised its position in Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company’s stock valued at $16,012,000 after purchasing an additional 8,508 shares during the period. Cornell Pochily Investment Advisors Inc. lifted its stake in shares of Adobe by 14.7% in the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 1,130 shares of the software company’s stock valued at $502,000 after purchasing an additional 145 shares during the last quarter. Piscataqua Savings Bank grew its holdings in shares of Adobe by 122.4% during the 4th quarter. Piscataqua Savings Bank now owns 109 shares of the software company’s stock worth $48,000 after purchasing an additional 60 shares during the period. Finally, Parkside Investments LLC increased its position in shares of Adobe by 53.8% during the 4th quarter. Parkside Investments LLC now owns 2,000 shares of the software company’s stock worth $889,000 after purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADBE. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research report on Wednesday, January 15th. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Oppenheimer dropped their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company decreased their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

ADBE stock opened at $438.59 on Tuesday. The stock has a market cap of $190.92 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $468.14 and a 200 day moving average price of $507.26.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.52 EPS. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.