Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Chronos Wealth Management LLC

Chronos Wealth Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,879 shares of the software company’s stock after purchasing an additional 275 shares during the period. Adobe accounts for approximately 1.6% of Chronos Wealth Management LLC’s portfolio, making the stock its 22nd largest holding. Chronos Wealth Management LLC’s holdings in Adobe were worth $3,059,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. CWM LLC grew its stake in Adobe by 7.9% in the 3rd quarter. CWM LLC now owns 42,449 shares of the software company’s stock worth $21,979,000 after acquiring an additional 3,097 shares during the period. Marcum Wealth LLC raised its position in shares of Adobe by 4.4% in the 3rd quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock worth $596,000 after buying an additional 49 shares during the period. Cypress Wealth Services LLC grew its position in Adobe by 7.9% during the third quarter. Cypress Wealth Services LLC now owns 491 shares of the software company’s stock valued at $254,000 after acquiring an additional 36 shares during the period. WealthBridge Investment Counsel Inc. raised its holdings in shares of Adobe by 194.2% in the 3rd quarter. WealthBridge Investment Counsel Inc. now owns 3,192 shares of the software company’s stock worth $1,653,000 after purchasing an additional 2,107 shares during the period. Finally, Pinnacle Bancorp Inc. lifted its stake in shares of Adobe by 5.2% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 1,517 shares of the software company’s stock valued at $785,000 after purchasing an additional 75 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.5 %

Shares of Adobe stock opened at $433.07 on Friday. The company has a market cap of $188.52 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average price of $455.58 and a 200 day moving average price of $500.48.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $3.52 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Stifel Nicolaus cut their price objective 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. DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.