Cornerstone Wealth Management LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Cornerstone Wealth Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,327 shares of the software company’s stock after purchasing an additional 24 shares during the period. Cornerstone Wealth Management LLC’s holdings in Adobe were worth $590,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ADBE. Onyx Bridge Wealth Group LLC lifted its position in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares in the last quarter. Connable Office Inc. increased its position in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank raised its stake in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the last quarter. Next Capital Management LLC lifted its position in shares of Adobe by 3.2% during the second quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after purchasing an additional 21 shares in the last quarter. Finally, James J. Burns & Company LLC increased its holdings in shares of Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. Wells Fargo & Company decreased their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Royal Bank of Canada dropped their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, BMO Capital Markets lowered their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Down 0.4 %

ADBE opened at $435.38 on Friday. The firm’s fifty day simple moving average is $468.14 and its 200 day simple moving average is $508.06. The stock has a market capitalization of $189.52 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.52 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.

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.