Wellington Shields Capital Management LLC Purchases 100 Shares of Adobe Inc. (NASDAQ:ADBE)

Wellington Shields Capital Management LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 75.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 233 shares of the software company’s stock after buying an additional 100 shares during the period. Wellington Shields Capital Management LLC’s holdings in Adobe were worth $104,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. King Wealth Management Group purchased a new stake in Adobe in the fourth quarter worth about $275,000. Atala Financial Inc bought a new stake in shares of Adobe in the 4th quarter worth approximately $408,000. LBP AM SA grew its stake in shares of Adobe by 58.3% in the 4th quarter. LBP AM SA now owns 183,169 shares of the software company’s stock worth $81,452,000 after buying an additional 67,479 shares during the last quarter. Madison Investment Advisors LLC bought a new position in Adobe during the 4th quarter valued at approximately $18,233,000. Finally, JPL Wealth Management LLC purchased a new position in Adobe during the fourth quarter valued at $2,635,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of Adobe stock opened at $394.74 on Friday. The stock has a market cap of $171.87 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s fifty day moving average is $437.03 and its 200 day moving average is $482.65. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm 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 company earned $4.48 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. KeyCorp reduced their price target on Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a report on Thursday. Mizuho reduced their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Stifel Nicolaus decreased their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $539.46.

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.