Congress Wealth Management LLC DE Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Congress Wealth Management LLC DE increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.0% during the 4th quarter, Holdings Channel reports. The firm owned 7,128 shares of the software company’s stock after purchasing an additional 272 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Adobe were worth $3,170,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Nordea Investment Management AB boosted its stake in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after buying an additional 33,414 shares during the last quarter. Arizona State Retirement System lifted its holdings in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the period. Public Sector Pension Investment Board boosted its position in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares during the period. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Citigroup reduced their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Stifel Nicolaus lowered their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Morgan Stanley lowered their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $533.85.

Adobe Trading Down 1.4 %

Shares of ADBE stock opened at $397.81 on Thursday. The company has a market capitalization of $173.21 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The business’s fifty day moving average is $433.31 and its 200 day moving average is $472.23. 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 (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company posted $4.48 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last quarter. Corporate 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.