Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Meridian Wealth Management LLC

Meridian Wealth Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 43.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 6,513 shares of the software company’s stock after acquiring an additional 1,966 shares during the quarter. Meridian Wealth Management LLC’s holdings in Adobe were worth $2,896,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Swedbank AB grew its stake in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Adobe by 3.3% in the third quarter. Chicago Partners Investment Group LLC now owns 2,902 shares of the software company’s stock valued at $1,408,000 after purchasing an additional 93 shares during the period. Princeton Global Asset Management LLC acquired a new position in Adobe during the 3rd quarter worth $53,000. Janney Montgomery Scott LLC increased its holdings in Adobe by 0.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 97,316 shares of the software company’s stock worth $50,388,000 after purchasing an additional 364 shares during the period. Finally, Blue Square Asset Management LLC raised its position in Adobe by 3.6% in the 3rd quarter. Blue Square Asset Management LLC now owns 4,942 shares of the software company’s stock valued at $2,559,000 after purchasing an additional 174 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value 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 approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Trading Up 0.5 %

Shares of ADBE opened at $440.72 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The stock has a market cap of $191.85 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The firm has a 50 day simple moving average of $439.59 and a 200-day simple moving average of $489.79.

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

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Redburn Atlantic initiated coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Sanford C. Bernstein lowered 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, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $570.88.

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.