Destination Wealth Management Acquires 379 Shares of Adobe Inc. (NASDAQ:ADBE)

Destination Wealth Management grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 44.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,236 shares of the software company’s stock after acquiring an additional 379 shares during the quarter. Destination Wealth Management’s holdings in Adobe were worth $550,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Barden Capital Management Inc. boosted its position in shares of Adobe by 1.0% during the fourth quarter. Barden Capital Management Inc. now owns 5,969 shares of the software company’s stock worth $2,654,000 after buying an additional 60 shares during the period. Ashton Thomas Private Wealth LLC boosted its position in shares of Adobe by 16.9% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 12,398 shares of the software company’s stock worth $5,513,000 after buying an additional 1,793 shares during the period. Callan Family Office LLC boosted its position in shares of Adobe by 1,935.6% during the fourth quarter. Callan Family Office LLC now owns 9,425 shares of the software company’s stock worth $4,191,000 after buying an additional 8,962 shares during the period. E Fund Management Co. Ltd. boosted its position in shares of Adobe by 40.6% during the fourth quarter. E Fund Management Co. Ltd. now owns 18,037 shares of the software company’s stock worth $8,021,000 after buying an additional 5,212 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Adobe during the fourth quarter worth about $243,827,000. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $449.40 on Friday. The firm has a market cap of $195.62 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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 1-year low of $403.75 and a 1-year high of $587.75. The business’s 50 day moving average is $439.56 and its 200-day moving average is $487.67.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for 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 firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.52 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADBE. Jefferies Financial Group reduced their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued 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 stock has a consensus rating of “Moderate Buy” and an average target price of $567.81.

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.