Adobe Inc. (NASDAQ:ADBE) Holdings Lifted by Biondo Investment Advisors LLC

Biondo Investment Advisors LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 36,225 shares of the software company’s stock after acquiring an additional 738 shares during the period. Adobe accounts for approximately 2.2% of Biondo Investment Advisors LLC’s investment portfolio, making the stock its 10th biggest holding. Biondo Investment Advisors LLC’s holdings in Adobe were worth $16,108,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Legacy Investment Solutions LLC bought a new stake in Adobe in the third quarter valued at $26,000. Groupama Asset Managment lifted its position in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. True Wealth Design LLC boosted its stake 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 purchasing an additional 34 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in shares of Adobe during the fourth quarter valued at about $31,000. Finally, Caitlin John LLC raised its stake in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADBE. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Mizuho lowered their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Robert W. Baird decreased their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $533.85.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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 approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $385.71 on Friday. The firm has a market capitalization of $167.94 billion, a P/E ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The business has a fifty day moving average of $431.81 and a 200 day moving average of $470.42.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company posted $4.48 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.