Adobe Inc. (NASDAQ:ADBE) Stock Holdings Increased by Community Financial Services Group LLC

Community Financial Services Group LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,948 shares of the software company’s stock after buying an additional 535 shares during the period. Community Financial Services Group LLC’s holdings in Adobe were worth $5,313,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC grew its position in Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares in the last quarter. Connable Office Inc. increased its stake in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank boosted its holdings in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. James J. Burns & Company LLC increased its position in shares of Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after purchasing an additional 22 shares during the period. Finally, Holistic Financial Partners lifted its holdings in shares of Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after acquiring an additional 22 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, BMO Capital Markets cut their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

Shares of Adobe stock opened at $458.82 on Wednesday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $626.34. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $199.72 billion, a price-to-earnings ratio of 37.00, a PEG ratio of 2.11 and a beta of 1.31. The firm’s fifty day simple moving average is $452.62 and its 200-day simple moving average is $498.52.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. 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.

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.