Conscious Wealth Investments LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Conscious Wealth Investments LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.9% in the fourth quarter, Holdings Channel reports. The fund owned 5,101 shares of the software company’s stock after buying an additional 416 shares during the quarter. Conscious Wealth Investments LLC’s holdings in Adobe were worth $2,193,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. South Dakota Investment Council raised its stake in Adobe by 187.3% during the fourth quarter. South Dakota Investment Council now owns 24,094 shares of the software company’s stock valued at $10,714,000 after purchasing an additional 15,709 shares in the last quarter. MONECO Advisors LLC grew its stake in shares of Adobe by 14.0% in the 4th quarter. MONECO Advisors LLC now owns 832 shares of the software company’s stock worth $370,000 after buying an additional 102 shares in the last quarter. Forvis Mazars Wealth Advisors LLC increased its holdings in shares of Adobe by 1.2% in the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 8,050 shares of the software company’s stock worth $3,580,000 after buying an additional 95 shares during the last quarter. Howard Capital Management Inc. raised its position in shares of Adobe by 3.0% during the 4th quarter. Howard Capital Management Inc. now owns 14,126 shares of the software company’s stock valued at $6,282,000 after buying an additional 417 shares in the last quarter. Finally, Integral Investment Advisors Inc. lifted its holdings in shares of Adobe by 6.1% in the 4th quarter. Integral Investment Advisors Inc. now owns 2,782 shares of the software company’s stock valued at $1,237,000 after acquiring an additional 159 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE stock opened at $444.32 on Monday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The business has a 50-day moving average price of $440.46 and a 200 day moving average price of $493.88. The company has a market capitalization of $193.41 billion, a P/E ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. 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 posted 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Barclays reduced their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Bank of America lowered their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. DA Davidson cut their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Insiders Place Their Bets

In other Adobe news, 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 directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Company insiders own 0.15% of the company’s stock.

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.