BlackDiamond Wealth Management LLC Buys 27 Shares of Adobe Inc. (NASDAQ:ADBE)

BlackDiamond Wealth Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 779 shares of the software company’s stock after acquiring an additional 27 shares during the quarter. BlackDiamond Wealth Management LLC’s holdings in Adobe were worth $346,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Swedbank AB increased its position in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. United Bank lifted its holdings in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after buying an additional 428 shares during the period. Claro Advisors LLC lifted its stake in shares of Adobe by 31.2% in the 3rd quarter. Claro Advisors LLC now owns 1,326 shares of the software company’s stock valued at $687,000 after purchasing an additional 315 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Adobe by 8.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock valued at $44,036,000 after purchasing an additional 6,720 shares during the period. Finally, Glass Wealth Management Co LLC increased its position in Adobe by 5.3% during the 3rd quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock valued at $2,928,000 after buying an additional 283 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on ADBE shares. Morgan Stanley reduced their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, BMO Capital Markets cut their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

Adobe Stock Up 1.2 %

Shares of Adobe stock opened at $399.34 on Tuesday. 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 business’s 50 day simple moving average is $436.39 and its 200-day simple moving average is $480.30. The stock has a market capitalization of $173.88 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company posted $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s 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 completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

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.