Investment Partners Asset Management Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Investment Partners Asset Management Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 17.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 715 shares of the software company’s stock after purchasing an additional 108 shares during the period. Investment Partners Asset Management Inc.’s holdings in Adobe were worth $318,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CX Institutional increased its position in shares of Adobe by 4.2% during the 3rd quarter. CX Institutional now owns 2,298 shares of the software company’s stock valued at $1,190,000 after purchasing an additional 93 shares during the last quarter. Creative Planning grew its position in Adobe by 34.9% during the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock valued at $84,750,000 after buying an additional 42,736 shares during the period. Swedbank AB increased its holdings in Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the last quarter. Magnus Financial Group LLC raised its position in Adobe by 9.2% in the third quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after acquiring an additional 78 shares during the period. Finally, Petredis Investment Advisors LLC boosted its stake in Adobe by 0.3% in the third quarter. Petredis Investment Advisors LLC now owns 7,810 shares of the software company’s stock valued at $4,044,000 after acquiring an additional 24 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $462.76 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $610.33. The stock’s 50 day simple moving average is $449.99 and its two-hundred day simple moving average is $497.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $201.44 billion, a price-to-earnings ratio of 37.32, a PEG ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced 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 net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now 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 filing with the SEC, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Stifel Nicolaus decreased their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, UBS Group lowered their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.