Crestwood Advisors Group LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,651 shares of the software company’s stock after buying an additional 1,137 shares during the period. Adobe accounts for about 1.5% of Crestwood Advisors Group LLC’s investment portfolio, making the stock its 19th biggest holding. Crestwood Advisors Group LLC’s holdings in Adobe were worth $43,798,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of ADBE. NewSquare Capital LLC increased its stake in Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after purchasing an additional 53 shares in the last quarter. Financial Freedom LLC bought a new stake in Adobe in the fourth quarter valued at approximately $29,000. Financial Management Professionals Inc. increased its stake in Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after purchasing an additional 53 shares in the last quarter. Fortis Capital Advisors LLC acquired a new position in shares of Adobe in the fourth quarter valued at approximately $35,000. Finally, Steward Financial Group LLC boosted its holdings in shares of Adobe by 60.0% in the first quarter. Steward Financial Group LLC now owns 96 shares of the software company’s stock valued at $36,000 after buying an additional 36 shares during the period. 80.00% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on ADBE. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. Wells Fargo & Company upped their price target on shares of Adobe from $525.00 to $600.00 in a report on Friday, June 16th. Robert W. Baird increased their target price on shares of Adobe from $370.00 to $500.00 in a report on Friday, June 16th. Royal Bank of Canada increased their target price on shares of Adobe from $460.00 to $555.00 in a report on Friday, June 16th. Finally, Stifel Nicolaus increased their target price on shares of Adobe from $400.00 to $550.00 in a report on Friday, June 16th. Eleven research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $520.26.
Adobe Stock Performance
Shares of ADBE traded up $3.87 during trading hours on Monday, hitting $563.21. The company had a trading volume of 2,234,000 shares, compared to its average volume of 3,202,007. Adobe Inc. has a 12 month low of $274.73 and a 12 month high of $569.98. The firm has a market cap of $256.71 billion, a price-to-earnings ratio of 53.74, a PEG ratio of 3.38 and a beta of 1.33. The business has a fifty day moving average of $516.01 and a 200-day moving average of $428.71. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.24.
Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 EPS for the quarter, topping analysts’ consensus estimates of $3.79 by $0.12. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period last year, the firm earned $2.70 earnings per share. Adobe’s revenue for the quarter was up 9.8% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 12.56 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $520.00, for a total transaction of $1,139,320.00. Following the sale, the executive vice president now directly owns 23,775 shares in the company, valued at $12,363,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is owned by company insiders.
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.
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