Ferguson Wellman Capital Management Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Ferguson Wellman Capital Management Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,640 shares of the software company’s stock after purchasing an additional 59 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Adobe were worth $3,697,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Copia Wealth Management purchased a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter worth $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter worth $31,000. Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the fourth quarter valued at $36,000. Finally, Mascoma Wealth Management LLC increased its stake in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after purchasing an additional 50 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $412.84 on Thursday. 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 firm’s 50-day moving average price is $384.27 and its two-hundred day moving average price is $423.37. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market capitalization of $175.95 billion, a P/E ratio of 33.29, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the business posted $4.48 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Mizuho lowered their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Citigroup boosted their price objective on shares of Adobe from $430.00 to $465.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $503.33.

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.