Perigon Wealth Management LLC Buys 680 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Perigon Wealth Management LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 6.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,181 shares of the software company’s stock after purchasing an additional 680 shares during the quarter. Perigon Wealth Management LLC’s holdings in Adobe were worth $4,288,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Copia Wealth Management acquired a new position in Adobe in the 4th quarter worth about $28,000. SWAN Capital LLC acquired a new position in shares of Adobe in the fourth quarter valued at approximately $28,000. Summit Securities Group LLC bought a new position in Adobe in the 4th quarter valued at approximately $31,000. Bernard Wealth Management Corp. bought a new position in Adobe in the 4th quarter valued at approximately $36,000. Finally, Mascoma Wealth Management LLC boosted its position in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock opened at $384.95 on Friday. The business has a 50-day simple moving average of $392.49 and a 200 day simple moving average of $412.76. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The firm has a market capitalization of $164.07 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 1.84 and a beta of 1.55.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Monday. Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Mizuho reduced their price target on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Finally, Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $496.75.

Read Our Latest Research Report on Adobe

About Adobe

(Free Report)

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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