Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Royal Fund Management LLC

Royal Fund Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,533 shares of the software company’s stock after purchasing an additional 53 shares during the quarter. Royal Fund Management LLC’s holdings in Adobe were worth $2,460,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADBE. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment lifted its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth about $30,000. Finally, True Wealth Design LLC raised its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ ADBE opened at $429.99 on Tuesday. The company has a fifty day moving average of $476.55 and a two-hundred day moving average of $512.03. The company has a market capitalization of $189.28 billion, a PE ratio of 34.68, a P/E/G ratio of 1.97 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 1.11.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm 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%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.52 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADBE. Sanford C. Bernstein lowered their target price 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. Wells Fargo & Company lowered their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, BMO Capital Markets cut their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.