Cohen Capital Management Inc. Raises Position in Adobe Inc. (NASDAQ:ADBE)

Cohen Capital Management Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,037 shares of the software company’s stock after purchasing an additional 600 shares during the quarter. Cohen Capital Management Inc.’s holdings in Adobe were worth $1,350,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new position in Adobe during the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC grew its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the 3rd quarter worth $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.3 %

Adobe stock opened at $444.32 on Friday. The firm has a market capitalization of $193.41 billion, a P/E ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31. The company has a 50-day simple moving average of $440.46 and a 200-day simple moving average of $494.02. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADBE shares. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Barclays reduced their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given 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 target price of $570.88.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by company insiders.

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.