FFT Wealth Management LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

FFT Wealth Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.1% in the 4th quarter, HoldingsChannel reports. The fund owned 1,145 shares of the software company’s stock after acquiring an additional 56 shares during the quarter. FFT Wealth Management LLC’s holdings in Adobe were worth $509,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter valued at about $30,000. True Wealth Design LLC lifted its position in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. UBS Group lowered their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Adobe stock opened at $443.41 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $193.02 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The firm has a 50 day moving average price of $439.88 and a 200 day moving average price of $492.62.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the firm posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.