Lorne Steinberg Wealth Management Inc. Has $4.77 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,716 shares of the software company’s stock after buying an additional 329 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Adobe were worth $4,765,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Swedbank AB increased its holdings in shares of Adobe by 0.3% in 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 period. Vest Financial LLC increased its holdings in shares of Adobe by 217.2% in the 3rd quarter. Vest Financial LLC now owns 2,281 shares of the software company’s stock valued at $1,181,000 after purchasing an additional 1,562 shares during the period. Trilogy Capital Inc. increased its holdings in shares of Adobe by 20.9% in the 3rd quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock valued at $1,727,000 after purchasing an additional 576 shares during the period. Raleigh Capital Management Inc. increased its holdings in shares of Adobe by 6.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock valued at $433,000 after purchasing an additional 50 shares during the period. Finally, Foundations Investment Advisors LLC increased its holdings in shares of Adobe by 9.7% in the 3rd quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock valued at $14,239,000 after purchasing an additional 2,438 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ADBE shares. BMO Capital Markets dropped their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Mizuho dropped their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Up 0.9 %

ADBE opened at $464.11 on Wednesday. The business has a 50 day moving average of $443.14 and a 200-day moving average of $495.16. 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 stock has a market capitalization of $202.03 billion, a price-to-earnings ratio of 37.43, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75.

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

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.