Premier Path Wealth Partners LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Premier Path Wealth Partners LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 105.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,820 shares of the software company’s stock after acquiring an additional 1,965 shares during the period. Premier Path Wealth Partners LLC’s holdings in Adobe were worth $1,698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sanibel Captiva Trust Company Inc. lifted its stake in Adobe by 8.7% during the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 38,279 shares of the software company’s stock worth $17,022,000 after acquiring an additional 3,048 shares in the last quarter. Howard Financial Services LTD. purchased a new stake in Adobe during the fourth quarter worth about $217,000. Integrated Investment Consultants LLC lifted its position in shares of Adobe by 4.0% during the fourth quarter. Integrated Investment Consultants LLC now owns 657 shares of the software company’s stock worth $292,000 after purchasing an additional 25 shares in the last quarter. Arkadios Wealth Advisors lifted its position in shares of Adobe by 7.4% during the fourth quarter. Arkadios Wealth Advisors now owns 2,812 shares of the software company’s stock worth $1,250,000 after purchasing an additional 193 shares in the last quarter. Finally, Trust Co of Kansas grew its holdings in shares of Adobe by 1.3% in the fourth quarter. Trust Co of Kansas now owns 11,139 shares of the software company’s stock valued at $4,953,000 after purchasing an additional 144 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $429.99 on Friday. The business’s 50-day moving average price is $477.84 and its 200 day moving average price is $513.73. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $189.28 billion, a P/E ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ADBE. Sanford C. Bernstein reduced their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

About Adobe

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.