Denver PWM LLC Has $77,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Denver PWM LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 71.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 173 shares of the software company’s stock after acquiring an additional 72 shares during the period. Denver PWM LLC’s holdings in Adobe were worth $77,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new position in Adobe in the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter worth $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Briaud Financial Planning Inc acquired a new position in Adobe in the 3rd quarter worth $36,000. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe in the 4th quarter worth $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADBE. Redburn Atlantic began coverage on shares of Adobe in a research note on Wednesday. They issued a “neutral” rating for the company. Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. 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 research report on Thursday, December 12th. Finally, Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $444.32 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $193.41 billion, a PE ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. The company’s 50 day moving average price is $440.46 and its two-hundred day moving average price is $494.02. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business 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%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related 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 owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. Insiders own 0.15% of the company’s stock.

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.