Anchor Investment Management LLC Has $7.37 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Anchor Investment Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% during the 4th quarter, HoldingsChannel reports. The fund owned 16,574 shares of the software company’s stock after purchasing an additional 313 shares during the quarter. Anchor Investment Management LLC’s holdings in Adobe were worth $7,370,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Sepio Capital LP grew its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the period. Foster Group Inc. grew its holdings in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC raised its position in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the last quarter. Veery Capital LLC lifted its stake in shares of Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after purchasing an additional 24 shares during the period. Finally, Cornerstone Wealth Management LLC boosted its position in shares of Adobe by 1.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after purchasing an additional 24 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. Bank of America cut their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Finally, KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $518.46.

Insider Transactions at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $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. Over the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $350.91 on Tuesday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a market cap of $149.56 billion, a P/E ratio of 28.30, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a fifty day moving average price of $411.27 and a two-hundred day moving average price of $454.13. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the business earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS 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.