RD Lewis Holdings Inc. Purchases Shares of 573 Adobe Inc. (NASDAQ:ADBE)

RD Lewis Holdings Inc. acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 573 shares of the software company’s stock, valued at approximately $248,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC lifted its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. FMR LLC boosted its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Adobe during the 4th quarter worth $243,827,000. Assenagon Asset Management S.A. boosted its position in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd purchased a new stake in shares of Adobe during the 4th quarter worth $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Bank of America decreased their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Morgan Stanley dropped their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

Adobe Stock Up 1.2 %

Shares of ADBE stock opened at $399.34 on Tuesday. The stock has a 50 day moving average of $436.39 and a 200-day moving average of $480.30. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $173.88 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company posted $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value 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 ownership of the stock. 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 bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last three months. Company insiders own 0.16% of the company’s stock.

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.