Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Ridgewood Investments LLC

Ridgewood Investments LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 38.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,178 shares of the software company’s stock after purchasing an additional 890 shares during the period. Ridgewood Investments LLC’s holdings in Adobe were worth $1,413,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB boosted its stake in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the period. GAMMA Investing LLC lifted its stake in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares during the period. Finally, Morse Asset Management Inc lifted its stake in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ADBE. Oppenheimer reduced their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $13.55 during trading hours on Friday, hitting $406.03. 2,379,633 shares of the stock were exchanged, compared to its average volume of 3,664,200. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50 day moving average is $485.54 and its 200 day moving average is $517.97. The firm has a market capitalization of $178.73 billion, a P/E ratio of 32.74, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a one year low of $405.90 and a one year 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 (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 the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.52 EPS. On average, research analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were 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 directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock worth $1,679,809 in the last ninety days. 0.15% of the stock is currently owned by insiders.

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.