Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Tritonpoint Wealth LLC

Tritonpoint Wealth LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 512.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,959 shares of the software company’s stock after buying an additional 8,334 shares during the period. Tritonpoint Wealth LLC’s holdings in Adobe were worth $3,820,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Brighton Jones LLC increased its position in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Adobe during the fourth quarter worth about $76,712,000. Stanley Laman Group Ltd. grew its holdings in shares of Adobe by 87.2% during the fourth quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company’s stock worth $346,000 after buying an additional 362 shares during the last quarter. IMS Capital Management grew its holdings in shares of Adobe by 2.7% during the fourth quarter. IMS Capital Management now owns 2,915 shares of the software company’s stock worth $1,296,000 after buying an additional 76 shares during the last quarter. Finally, Bogart Wealth LLC grew its holdings in shares of Adobe by 8.1% during the fourth quarter. Bogart Wealth LLC now owns 13,981 shares of the software company’s stock worth $6,217,000 after buying an additional 1,043 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 5.3%

Shares of ADBE opened at $391.68 on Friday. The stock has a fifty day moving average of $386.76 and a two-hundred day moving average of $421.72. 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 capitalization of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Morgan Stanley lowered their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Stifel Nicolaus lowered their price target on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday. 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. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Nine equities research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

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.