United Asset Strategies Inc. Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

United Asset Strategies Inc. increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,188 shares of the software company’s stock after purchasing an additional 1,030 shares during the period. Adobe makes up 1.4% of United Asset Strategies Inc.’s holdings, making the stock its 21st biggest position. United Asset Strategies Inc.’s holdings in Adobe were worth $14,758,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its holdings in shares of Adobe by 0.7% in the 2nd quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock valued at $37,256,000 after buying an additional 451 shares during the period. Annandale Capital LLC raised its position in Adobe by 10.5% during the second quarter. Annandale Capital LLC now owns 5,276 shares of the software company’s stock valued at $2,931,000 after acquiring an additional 500 shares in the last quarter. Aviso Wealth Management lifted its holdings in Adobe by 6.8% in the second quarter. Aviso Wealth Management now owns 487 shares of the software company’s stock valued at $271,000 after acquiring an additional 31 shares during the period. Magnolia Capital Advisors LLC boosted its position in Adobe by 13.9% in the 2nd quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock worth $369,000 after purchasing an additional 81 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Adobe by 19.3% during the 2nd quarter. NewEdge Advisors LLC now owns 40,867 shares of the software company’s stock valued at $22,704,000 after purchasing an additional 6,622 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ADBE shares. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Monday, January 20th. Citigroup cut their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets cut their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Down 0.4 %

Shares of ADBE stock opened at $435.38 on Monday. The company has a 50-day moving average of $468.14 and a two-hundred day moving average of $507.66. The firm has a market cap of $189.52 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. 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 released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $3.52 earnings per share. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.