Jacobi Capital Management LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Jacobi Capital Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,759 shares of the software company’s stock after buying an additional 259 shares during the period. Jacobi Capital Management LLC’s holdings in Adobe were worth $2,116,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Briaud Financial Planning Inc bought a new stake in Adobe during the third quarter worth $36,000. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 20th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Activity

In related news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was 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 worth $2,525,126 in the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Trading Up 0.3 %

ADBE opened at $438.49 on Friday. The stock has a market cap of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. 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 business has a 50 day moving average of $439.71 and a 200-day moving average of $491.24. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75.

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

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.