2,268 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,268 shares of the software company’s stock, valued at approximately $1,009,000.

Several other institutional investors have also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter worth about $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% during 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. bought a new stake in Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC raised its stake in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the business’s 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 directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $460.16 on Friday. The business’s fifty day moving average is $446.56 and its 200 day moving average is $496.88. The firm has a market cap of $200.31 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $607.32.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for 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 company’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.52 earnings per share. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $590.00 price target on shares of Adobe in a report on Thursday. BMO Capital Markets decreased their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

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.