Twin Peaks Wealth Advisors LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Twin Peaks Wealth Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 15.4% in the first quarter, Holdings Channel reports. The institutional investor owned 914 shares of the software company’s stock after acquiring an additional 122 shares during the quarter. Twin Peaks Wealth Advisors LLC’s holdings in Adobe were worth $320,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe during the 4th quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp grew its position in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC grew its position in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Wells Fargo & Company reduced their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. UBS Group lifted their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Evercore ISI dropped their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $503.33.

Adobe Stock Performance

Adobe stock opened at $413.68 on Friday. 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 company has a market capitalization of $176.31 billion, a PE ratio of 33.36, a P/E/G ratio of 2.15 and a beta of 1.55. The firm has a fifty day simple moving average of $385.73 and a two-hundred day simple moving average of $422.64. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

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

Insider Activity

In other news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

Adobe Company 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.