Landing Point Financial Group LLC Acquires Shares of 496 Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Landing Point Financial Group LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE – Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 496 shares of the software company’s stock, valued at approximately $230,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC increased its position in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank acquired a new position in Adobe in the fourth quarter worth approximately $2,553,035,000. Edgewood Management LLC raised its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Adobe by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock valued at $1,249,066,000 after acquiring an additional 92,458 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after acquiring an additional 163,983 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. UBS Group decreased their price target on Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Wells Fargo & Company reduced their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Finally, Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. 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 stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $513.27.

Get Our Latest Stock Analysis on Adobe

Adobe Stock Performance

NASDAQ:ADBE opened at $348.80 on Friday. 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 firm has a 50-day moving average price of $403.54 and a 200 day moving average price of $450.04. The firm has a market capitalization of $148.66 billion, a PE ratio of 28.13, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

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.

Recommended Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).