Sovereign Investment Advisors LLC Invests $414,000 in Adobe Inc. (NASDAQ:ADBE)

Sovereign Investment Advisors LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 931 shares of the software company’s stock, valued at approximately $414,000.

A number of other institutional investors also recently made changes to their positions in the stock. Harbour Investments Inc. raised its holdings in shares of Adobe by 1.8% in the fourth quarter. Harbour Investments Inc. now owns 3,457 shares of the software company’s stock worth $1,537,000 after acquiring an additional 60 shares during the last quarter. Greenwich Wealth Management LLC raised its holdings in shares of Adobe by 6.0% in the fourth quarter. Greenwich Wealth Management LLC now owns 2,085 shares of the software company’s stock worth $927,000 after acquiring an additional 118 shares during the last quarter. Centurion Wealth Management LLC raised its holdings in shares of Adobe by 12.7% in the fourth quarter. Centurion Wealth Management LLC now owns 1,106 shares of the software company’s stock worth $492,000 after acquiring an additional 125 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Adobe by 16.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 39,913 shares of the software company’s stock worth $17,749,000 after acquiring an additional 5,692 shares during the last quarter. Finally, Ascent Capital Management LLC acquired a new position in shares of Adobe in the fourth quarter worth $274,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $394.74 on Friday. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The business has a 50-day moving average of $437.03 and a 200-day moving average of $482.06. 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 company has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % 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 business’s stock in a transaction dated Friday, January 24th. The stock was 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 approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. BMO Capital Markets lowered their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday. DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Morgan Stanley lowered their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Robert W. Baird lowered their price objective on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $540.60.

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.